The construction labor market remains tight, as the levels of quits rise. The count of open construction jobs declined to 345,000 unfilled positions in November, after recording the highest measure in the history of the data series (going back to late 2000), 445,000 in October. The housing market remains underbuilt and requires additional labor, lots…
Home building in the 2010s was a story of the Long Recovery. After the Great Recession, the number of home builders declined significantly, and housing production was unable to meet buyer demand. This deficit of housing in the United States continues to exist because of persistent supply-side headwinds for builders, creating a critical housing affordability…
How do homes built-for-rent differ from more common for-sale new single-family homes? This is an important question given recent attention on the built-for-rent sector of the residential construction industry. Second quarter data for 2019 reveal that approximately 42,000 homes were built-for-rent over the last year, representing about 5% of single-family construction. Though this figure continues…
As a share of total taxes collected, real estate property taxes in the United States are responsible for a relatively high share of total government revenues. According to statistics produced by the Organisation for Economic Cooperation and Development (OECD), the average share of total government tax collections due to real estate property taxes (recurrent taxes on immovable property) was 3.347%….
Home building, remodeling and the overall residential construction industry support many types of jobs. BLS data from the 2014 Occupational Employment Statistics (OES) Survey, and NAHB analysis, provide a count of these occupation classes. The OES survey defines employment as the number of workers who can be classified as full- or part-time employees. The following profile examines the…
A new study of California affordable housing developments provides important findings concerning the role and benefits of the Low-Income Housing Tax Credit (LIHTC). The affordable housing credit ensures a supply of equity financing for the development of needed rental housing. The report was prepared for the California Department of Housing and Community Development, the California…
In addition to ensuring the supply of affordable rental housing, the Low-Income Housing Tax Credit (LIHTC) supports jobs and provides benefits to the economy. Using the NAHB economic impact model of home building, revised industry estimates reveal that the LIHTC program supports almost 96,000 jobs in a typical year. NAHB recently updated its economic impact…
