Builder sentiment improved for the third straight month, and builders expect market conditions will continue to improve with Republicans winning control of the White House and Congress. Builder confidence in the market for newly built single-family homes was 46 in November, up three points from October, according to the National Association of Home Builders (NAHB)/Wells…
The Fed cut the short-term federal funds rate by an additional 25 basis points at the conclusion of its November meeting, reducing the top target rate to 4.75%. However, while the Fed noted it is making progress to its 2% inflation target, it did not provide post-election guidance on the pace and ultimate path for…
After a period of slowing associated with declines for some elements of residential construction, the count of open construction sector jobs trended lower in the September data, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). The data indicates the demand for construction labor market remains weaker than a year ago. In…
With the Federal Reserve beginning an easing of monetary policy and builder sentiment improving, single-family starts posted a modest gain in September while multifamily construction continued to weaken because of tight financing and an ongoing rise in completed apartments. Overall housing starts decreased 0.5% in September to a seasonally adjusted annual rate of 1.35 million…
With inflation gradually easing and builders anticipating mortgage rates will moderate in coming months, builder sentiment moved higher for a second consecutive month despite challenging affordability conditions. Builder confidence in the market for newly built single-family homes was 43 in October, up two points from a reading of 41 in September, according to the National…
During the second quarter of 2024, the volume of total outstanding acquisition, development and construction (AD&C) loans posted the largest year-over-year percentage decline since 2012, as interest rates remain elevated before the beginning of the Fed cutting short-term interest rates in September. AD&C loan conditions will improve as the Fed progresses in its policy easing…
After a period of slowing associated with declines for some elements of residential construction, the count of open construction sector jobs bounced back in the August data, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). However, construction job openings remain slightly lower compared to a year ago. In August, after revisions,…
