Author Archives

  • Median Age of Construction Workforce

    NAHB analysis of the most recent 2019 American Community Survey (ACS) data reveals that the median age of construction workers is 41, the same as a typical worker in the national labor force. While the residential construction has been adding jobs during the pandemic, access to skilled labor is still a business challenge in 2021. The median age of construction… Read More ›

  • March Gains for Private Residential Spending

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.7% in March to a seasonally adjusted annual rate of $725.3 billion. Total private residential construction spending was 23.3% higher than a year ago. The monthly gains are largely attributed to the strong growth of spending on single-family and improvements. Single-family construction spending rose to… Read More ›

  • Personal Income Up by Record 21.1% in March

    The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income growth roared by 21.1% in in March, the biggest monthly gain on record. It stood at a seasonally adjusted annual rate (SAAR) of $24,207.7 billion. The gains in personal income were largely due to the American Rescue Plan Act, which includes $4,044 billion in… Read More ›

  • First Quarter of 2021 Homeownership Rate at 65.6%

    The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate dipped to 65.6% in the first quarter of 2021. The national homeowner vacancy rate declined to a record low of 0.9%, while the rental vacancy rate increased to 6.8%. The data collections were still affected by the pandemic, although to a much less degree than previous three quarters…. Read More ›

  • Minority Households Face Housing Affordability Challenges

    New NAHB analysis on housing affordability based on race and ethnicity shows a wide disparity regarding the number of households that can afford a new median priced home. At the national level, the share Black households that are able to afford the new homes is substantially lower than the share of non-Hispanic white households. Only 24% of Black households are… Read More ›

  • Private Residential Spending Dips Slightly in February

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending fell 0.2% in February to a seasonally adjusted annual rate of $718 billion, after reaching a record high in January 2021. It is in line with the slow pace of housing starts in February and recent softening of the NAHB/Wells Fargo Housing Market Index. Total private… Read More ›

  • Age of Housing Stock by State

    According to the latest data from the 2019 American Community Survey (ACS), the median age of owner-occupied homes was 39 years. The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes… Read More ›

  • Households Priced Out by Higher Interest Rates

    New NAHB 2021 Priced-Out Estimates showed that 75.1 million households are not able to afford a median priced new home, and that an additional 153,967 would be priced out if the price of a home goes up by $1,000. A second post presented the housing affordability pyramid, showing how many households have sufficient income to afford homes at various price… Read More ›

  • Pyramid Shows 21.1 Million Households Cannot Afford a $100,000 Home

    As described in a previous post, NAHB’s recently released its 2021 Priced-Out Estimates, showing that 75.1 million households are not able to afford a median priced new home, and that an additional 153,967 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 many households have enough… Read More ›

  • Private Residential Spending Hits Record High

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 2.5% in January to a seasonally adjusted annual rate of $713 billion, reaching a record high. Total private residential construction spending was 21% higher than a year ago. The monthly gains are largely attributed to the strong growth of spending on single-family and improvements. Single-family… Read More ›