Eye On Housing
Author Archives
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Square Foot Prices More than Double Inflation in 2022
Median square foot prices (excluding record-high improved lot values) for new for-sale single-family detached (SFD) homes started in 2022 increased 18%, according to NAHB’s analysis of the latest Survey of Construction data. Increases for square foot prices in new custom SFD homes were similarly high, averaging 19%, more than double the US inflation of 8% registered by the CPI the… Read More ›
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Lot Values Trail Behind Inflation
Lot values for single-family detached spec homes continued to rise in 2022, with the national value and six out of nine Census divisions setting new nominal records, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. The U.S. median lot value for single family detached for-sale homes started in 2022 stands at $56,000, with half of… Read More ›
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Share of Smaller Lots Hits New Record High
According to the latest Survey of Construction (SOC), 42 percent of new single-family detached homes sold in 2022 were built on lots under 7,000 square feet, that is 0.16 of an acre. This is the highest share on record and reflects stark changes in the lot size distribution since the Census Bureau started tracking these series over 20 years ago… Read More ›
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Homeownership across US Counties
While US homeownership rates have been rising since 2015 and received an extra boost during the post-pandemic housing boom, they remain below the levels reached during the housing boom of the mid-2000s. With the national trends reflecting fundamental drivers of homeowners, local markets often tell different and unique stories. NAHB’s analysis of the 2021 5-year ACS county-level data reveals substantial… Read More ›
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Highest Paid Occupations in Construction in 2022
According to the latest May 2022 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $54,540 and the top 25% make at least $77,030. In comparison, the U.S. median wage is $46,310, while the top quartile (top 25%) makes at… Read More ›
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States with Highest and Fastest Rising Construction Wages
Despite a housing market slowdown but reflecting persistent long-term labor challenges, wages in construction continue to rise, often outpacing and exceeding typical earnings in other industries. According to the latest Current Employment Statistics (CES) report from the Bureau of Labor Statistics (BLS), average hourly earnings (AHE) in construction vary greatly across 43 states that reported these data. Some of the… Read More ›
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States and Construction Trades Most Reliant on Immigrant Workers, 2021
Earlier this year, we published a post highlighting a continuing high reliance of construction on immigrant workers post pandemic. Immigrants make one in four construction workers. The share is significantly higher, reaching 30%, among construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced with immigrants comprising close to 40% of the construction workforce in California and… Read More ›
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Home Building Employment across States and Congressional Districts in 2021
According to the latest 2021 ACS, close to 11 million people, including self-employed workers, worked in construction in 2021. NAHB Economics estimates that out of this total, 4.5 million people worked in residential construction, accounting for 2.9% of the US employed civilian labor force. Home building in multiple states in the Mountain Division, as well as in Vermont, Florida, and… Read More ›
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Construction Self-Employment Rises Post Pandemic
According to the 2021 American Community Survey (ACS), 23% (or close to 2.5 million) of workers employed in construction are self-employed. This is a whole percentage point higher than the share of self employed in construction in 2019, before the pandemic rattled the labor market. Even though the Covid-19 pandemic boosted self-employment across all industries, construction self-employment rates remain significantly… Read More ›
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Immigrants in Construction: Post-Pandemic Trends
According to the most recent 2021 American Community Survey (ACS), the number of immigrant workers in construction, including self-employed, remained close to 2.8 million, on a par with the levels recorded by the ACS before the Covid-19 pandemic wreaked havoc on labor markets. The share of immigrant workers stayed at 24% of the construction workforce, slightly below the 2016 record… Read More ›