Private residential construction spending was down 0.2% in May after surging 0.9% in the prior month, according to the construction spending data by the U.S. Census Bureau. Nevertheless, spending remained 6.5% higher compared to a year ago. The monthly decline in total private construction spending for May is largely due to reduced spending on single-family…
Diversifying the construction labor force is a key strategic goal given the ongoing skilled labor shortage. The latest labor force statistics from the 2022 American Community Survey[1] show that Non-Hispanic White people account for the majority of workers in the construction industry (57.5%). However, Hispanics make up close to one-third of the construction labor force…
In 2022, around 1.29 million women worked in construction in the United States, accounting for 10.97% of the industry, according to the 2022 American Community Survey. Within the construction industry, women are more likely to be found in such occupations as office and administrative support, management, business, and financial operations. Only 2.8% of women in…
Private residential construction spending rose 0.1% in April, following a 0.4% decline in March. The seasonally adjusted annual pace reached $890.4 billion. Total private residential construction spending is 8% higher compared to a year ago. This monthly increase in total construction spending is attributed to more single-family construction and improvements. Spending on single-family construction inched…
The median age of construction workers is 42, one year older than a typical worker in the national labor force, according to NAHB analysis of the most recent 2022 American Community Survey (ACS) data. However, more younger people are joining the construction industry. Despite some improvements since the peak of the skilled labor shortage in…
As described in a previous post, NAHB recently released its 2024 Priced-Out Estimates showing 103.5 million households are not able to afford a median priced new home and an additional 106,031 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how…
NAHB analysis of Census data shows that private residential construction spending was down 0.7% in March, after increasing 0.7% in February. It stood at a seasonally adjusted annual pace of $884.3 billion. Spending on single-family construction dropped 0.2% in March. This is the first monthly decline after ten straight months of gains, as elevated mortgage…
