Eye On Housing
Author Archives
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U.S. Personal Income and Spending Rise in August
Personal income climbed 0.3% in August after increasing by the same margin in July, according to the most recent data release from the Bureau of Economic Analysis (BEA). Wages and Salaries, the biggest component of personal income, registered an increase of 0.5%. Personal consumption expenditures edged up by 0.3% in August. Adjusted for inflation, real personal spending edged up 0.2%… Read More ›
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Women in Construction
Women remain underrepresented in the construction industry, although they currently make up almost half (47 percent) of the total working population. The share of women employed in construction has stayed relatively constant, around 9 percent since 2002. Women play a number of roles in the construction industry, such as administrative, professional, managerial, construction, and production occupations. We explore the state… Read More ›
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Where are the Nation’s Older Homes?
In previous posts, NAHB examined the age of owner-occupied housing stocks at both national and state levels. The median age of owner-occupied homes in the U.S. stood at 37 years in 2016, based on the most recent available data. New York has the oldest owner-occupied housing stock among the 50 states. It is worthwhile to examine the age of owner-occupied… Read More ›
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Age of Housing Stock by State
According to the latest data from the 2016 American Community Survey (ACS), the median age of owner-occupied homes remained at 37 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. The age of owner-occupied housing stock varies noticeably… Read More ›
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Half of US Homes Built before 1980
The median age of owner-occupied homes is 37 years, according to the latest data from the 2016 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. This aging trend is primarily because of modest gains in residential construction over the past decade. This aging housing stock signals a… Read More ›
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Private Residential Spending Down in June
NAHB analysis of Census Construction Spending data shows that total private residential construction spending dipped 0.5 percent to a seasonally adjusted annual rate of $568.3 billion in June. Nevertheless, on a quarterly basis, private residential construction spending climbed 4.0 percent in the second quarter, the largest quarterly gain since 2017. Moreover, total private residential construction spending was 8.8 percent higher… Read More ›
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Strong Owner Household Formations in the Second Quarter
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.3% in the second quarter 2018. After dropping to a cycle low of 62.9% in the second quarter 2016, the national homeownership rate seems to be on a sustainable upward trend. Compared to the peak of 69.2% in 2004, the homeownership rate is lower by five… Read More ›
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Apartment Construction Times Lengthened in 2017
The average length of time to complete construction of a multifamily building, after obtaining authorization, was 15.7 months according to the 2017 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013, increasing by approximately one month each year. The average time to build multifamily homes varies with the number of… Read More ›
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Time Needed to Build a Single-Family Home in 2017
The 2017 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.5 months, which usually includes almost a month from authorization to start and another 6.5 months to finish the construction. The average completion time in 2017 was the same as it was in 2016, but it was longer… Read More ›
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Personal Income Increased 0.4% in May
The most recent data release from the Bureau of Economic Analysis (BEA) showed that Personal income climbed 0.4% in May after a 0.2% increase in the prior month. Gains in personal income are largely driven by increases in wages and salaries, 0.3% higher than in April. Real disposable income, income remaining after being adjusted for taxes and inflation, was up… Read More ›