Eye On Housing
Author Archives
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Most Homebuilders are Small Businesses
Based on the recently released 2012 Economic Census data, new NAHB research shows that residential construction remains the industry of independent entrepreneurs with 81 percent of homebuilders and specialty trade contractors being self-employed independent contractors. Even among establishments with paid employees, the industry is dominated by small businesses, with two-thirds of homebuilders and three out of four specialty trade contractors… Read More ›
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How New Homebuyers Finance Their Homes Across the Nation
NAHB analysis of the Census Bureau Survey of Construction (SOC) data shows that non-conventional forms of financing new single-family home purchases remained elevated in 2014, but their use and mix varied widely across the country. In the West North Central division, only 21 percent of new homes started in 2014 were purchased using non-conventional financing methods. The share was twice… Read More ›
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Sale and Contract Prices per Square Foot in 2014
For single-family homes started in 2014, median prices, excluding improved lot values, range from $159 per square foot for contractor-built homes in the Pacific and New England divisions to $80 per square foot for speculatively-built homes in the East South Central division. The most expensive new single-family homes in 2014 were contractor-built homes in the Pacific and New England divisions with the… Read More ›
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Where Was the Custom Home Market Share Highest in 2014?
NAHB’s analysis of the most recent Census Bureau’s Survey of Construction (SOC) shows that in 2014 custom home building expanded across all regions of the Unites States, except the Mountain division where the custom home share of new single-family starts remained stable under 16 percent, the lowest share in the nation. The New England and East North Central divisions registered… Read More ›
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NAHB Releases New Home Building Employment Estimates by State and Congressional District
A new NAHB study presents the most comprehensive estimates of home building employment, including self-employed workers, by state and congressional district. NAHB Economics estimates that out of 8.9 million people working in construction in 2013, close to 3.5 million people worked in residential construction, accounting for 2.4 percent of the US employed civilian labor force. These numbers reflect modest job… Read More ›
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Construction Immigrants Highly Concentrated in Some States and Trades
New NAHB research shows that while foreign-born workers represent a substantial component of the US construction labor force, accounting for almost 23 percent, their share is even higher in construction trades, reaching 28 percent. Concentration of immigrants is particularly high in some of the trades needed to build a home, like carpenters, painters, drywall/ceiling tile installers, brick masons, and construction… Read More ›
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The Construction Immigrant Worker Flow
New NAHB research estimates the immigrant labor flow into the construction industry over the housing boom and bust years. The results show that more than 135,000 immigrant workers entered the US construction industry at the height of the housing boom in 2005. By 2011, the construction immigrant flow plummeted to a low of 23,000, highlighting the role of new immigrant… Read More ›
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What Homes Do Millennials Buy?
New NAHB research shows that millennials tend to buy homes that are smaller, older, and less expensive than homes bought by older generations. Being the youngest home buyers with little or no accumulated wealth also affects how millennials shop and buy their homes. The majority of millennials are buying homes for the first time in their lives. Three out of… Read More ›
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Regional Differences in New Home Financing
According to NAHB analysis of the 2013 Census Bureau Survey of Construction (SOC) data, use of non-conventional financing methods to purchase new homes varies widely across the country. The West South Central divison is most heavily reliant on mortages insured by the Federal Housing Administration (FHA) with the share of FHA-insured loans reaching almost 20 percent. At the same time,… Read More ›
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Where are Homes Built on Private Wells and with Individual Septic Systems?
According to NAHB analysis of the Survey of Construction (SOC) data, only 8 percent of new single-family homes started in 2013 are served by individual wells and only 15 percent have private septic systems. These shares, however, vary widely across the nine Census divisions and reach 42 and 51 percent, respectively, in New England. The SOC which is conducted by… Read More ›