Construction Statistics consists of blogs about starts and permits, construction spending, the Home Building Geography Index (HBGI) and more.
Private residential construction spending declined 0.9% in August, as single-family construction spending slid amid surging mortgage rates. Private residential construction spending declined for the third consecutive month, standing at an annual pace of $921.9 billion, according to NAHB’s analysis of the Census Construction Spending data. However, this spending category was 12.5% higher year-over-year. The monthly…
In August, housing starts rebounded but housing permits declined for the second straight month. The August drop in building permits indicates that the housing market is continues to cool as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act as a drag on the market. Overall housing starts rose 12.2% to…
Over the first seven months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 645,877. On a year-over-year (YoY) basis, this is a 5.3% decline over the July 2021 level of 681,949. Year-to-date ending in July, single-family permits declined in all four regions. The South posted a slight decline 3.0% while…
The number of women employed in the construction industry increased to over 1.24 million in 2021, as the construction industry was quickly recovering jobs lost earlier during the pandemic induced recession. Currently, women make up 11% of the construction workforce, up from 9.3% in 2002. As the construction skilled labor shortage remains a key challenge…
Lot values for single-family detached housing starts in 2021 increased across the nation, with the national value and six out of nine Census division values setting new records. U.S. median lot price now stands at $55,000, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data. In New England and Pacific, lot…
Despite the pandemic-triggered suburban flight and presumed shifts in preferences towards more spacious living, a rising share of new for-sale homes were built on smaller lots. According to the latest Survey of Construction (SOC), more than two thirds of new single-family detached homes sold in 2021 were built on lots smaller than one-fifth of an…
The most recent Home Building Geography Index (HBGI) shows that home building activities have shifted to low-density and low-cost markets since the beginning of the COVID-19 pandemic. The market share for single-family constructions in large metro core and inner suburbs has declined from 44.5% to 41.6% from the 4th quarter of 2019 (pre-COVID), to the…
