Na Zhao

Na Zhao, Ph.D., is a principal economist at NAHB where she is responsible for analyzing the local economic impact of home building and analyzing housing and industry data. She also conducts economic research on housing policies and monitors developments in government housing and real estate policies. She holds a master’s in consumer behavior and family economics, as well as both a master’s and doctorate in agricultural and applied economics from the University of Wisconsin-Madison.

The Age of the U.S. Housing Stock

The median age of owner-occupied homes is 40 years old, according to the latest data from the 2022 American Community Survey[1]. The U.S. owner-occupied housing stock is aging rapidly especially after the Great Recession, as the residential construction continues to fall behind in the number of new homes built. New home construction faces headwinds such…

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Private Residential Construction Spending Grows for Third Straight Month

NAHB analysis of Census data shows that private residential construction spending rose 1.4% in December, marking three months of gains. It stood at a seasonally adjusted annual pace of $911.7 billion. The 2023 annual spending on private residential construction was $864.9 billion, 5.8% lower than the 2022 annual totals. The monthly increase in total construction…

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October Gains in Private Residential Construction Spending

NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.2% in October, after a dip in September. It stood at a seasonally adjusted annual pace of $884 billion. Total private residential construction spending is 0.7% higher compared to a year ago. This was the first year-over-year increase since December 2022….

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