Median Age of Construction Labor Force Holds at 42
The median age of construction labor force is 42, one year older than a typical worker in the national labor force, according to NAHB analysis of the most recent 2023 American Community Survey (ACS) data. However, more younger people are joining the construction industry. Despite some improvements since the peak of the skilled labor shortage […]
Non-Conventional Financing for New Home Sales Loses Ground in 2024
Nationwide, the share of non-conventional financing for new home sales accounted for 31% of the market per NAHB analysis of the 2024 Census Bureau Survey of Construction (SOC) data. This is 1.7 percentage point lower than the 2023 share of 32.4%. As in previous years, conventional financing dominated the market at 69.3% of sales, higher […]
Better Growth, Larger Deficits: CBO Fiscal Outlook
The Congressional Budget Office (CBO) is a key nonpartisan score keeper that measures the effects of policy changes by the Federal Government. With several policy changes since January of this year, including the One Big Beautiful Bill Act (OBBBA), stricter immigration, and higher tariffs, the CBO updated its economic projections through 2028. Primarily, the CBO […]
Amid Market Challenges, Builder Expectations Rise in October
Even as builders continue to grapple with market and macroeconomic uncertainty, sentiment levels posted a solid gain in October as future sales expectations surpassed the 50-point breakeven mark for the first time since last January. Builder confidence in the market for newly built single-family homes was 37 in October, up five points from September and […]
Builders Stay Cautious as Single-Family Permits Weaken
In August, single-family permit activity softened, reflecting caution among developers amid persistent economic headwinds. This trend has been consistent for eight continuous months. On the multifamily front, permitting also cooled in August but remains in the positive territory. While single-family continues to bear the brunt of affordability headwinds, the multifamily space is showing tentative signs […]
Custom Home Building Share Declines in 2024
In 2024, 17.5% of all new single-family homes started were custom homes. This share decreased from 18.8% in 2023 and from 20.4% in 2022, according to data tabulated from the Census Bureau’s Survey of Construction (SOC). The custom home market consists of contractor-built and owner-built homes—homes built for owner occupancy on the owner’s land, with […]
Hispanics Comprise Nearly One-Third of the Construction Labor Force
Diversifying the construction labor force remains a key priority amid persistent skilled labor shortages. According to the 2023 American Community Survey, non-Hispanic White workers still account for the majority of the construction industry at 57%. Hispanic workers now represent nearly one-third of the labor force at 32%, followed by non-Hispanic Black workers at 5% and […]
Vinyl Surpasses Stucco as Most Used Principal Exterior Wall Material
In 2024, vinyl siding was the most used principal exterior wall material for homes started. It holds just over a quarter share of homes, slightly surpassing stucco for the first time since 2018. For homes started in 2024, 26% had vinyl siding (including vinyl-covered aluminium) as their principal exterior wall material, according to the latest […]
Remodeling Market Sentiment Improves in Third Quarter
In the third quarter of 2025, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 60, up one point compared to the previous quarter. With the reading of 60, the RMI remains solidly in positive territory above 50, but lower than it had been at any time from 2021 through 2024. Overall, remodelers remain optimistic […]
Refinancing Activity Surges in September
Refinancing activity surged in September, marking the largest monthly increase since the COVID-era of ultra-low interest rates. This increase followed mortgage rates dropping below 6.5% for the first time since October 2024 in anticipation of rate cuts that ultimately materialized. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application […]
Minority-Owned Residential Building Firms Continue to Rise
The share of minority-owned new residential builders and remodelers has more than doubled since the Great Recession, with noticeable gains from 2017 to 2022. Nevertheless, when compared to the overall U.S. population, minority-owned firms continue to be underrepresented within both housing sectors. New Residential Builders Based on data from the Annual Business Survey (ABS) from […]
Shorter Apartment Construction Time in 2024
The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2024, according to the 2024 Survey of Construction (SOC) from the Census Bureau. On average, it took 19.6 months from permit to completion, about 0.3 months shorter than in 2023. While construction timelines remain lengthy, this modest decline […]
Supply-Side Cost Pressures Drove Housing as Inflation Leader in 2024
Though the rate of inflation peaked in June 2022, consumer prices continued to increase throughout 2023 and 2024 as inflation drove further price growth, according to 2024 CPI review from the Bureau of Labor Statistics. Nonetheless, the rate of inflation slowed from 3.4% in 2023 to 2.9% in 2024. All major categories experienced price increases […]
Square Foot Prices Moderate in 2024
Median square foot prices for new single-family detached (SFD) homes started in 2024 grew modestly, according to NAHB’s analysis of the latest Survey of Construction (SOC) data. For custom, or contractor-built, homes, the median price was $166 per square foot of floor space, up slightly from $162 in 2023. For spec starts, after excluding record-high […]
17% of NAHB Builders Built Age-Restricted Housing in 2024
Only 17% of NAHB builder members build age-restricted housing for people age 55 or older, according to 2024 Member Census. This is up two percentage points from the previous year. However, this share has remained within a narrow band (15%-17%) since the question was added to the member census in 2009. The likelihood of building […]
Consumer Confidence Drops on Job Concerns
Consumer confidence fell to a five-month low as consumers remain concerned about reignited inflation and a weakening labor market amid economic uncertainty. The labor market differential, which measures the gap between consumers viewing job as plentiful and hard-to-get, has narrowed for nine straight month and is now at lowest level since March 2021. This is […]
Construction Labor Market Softens
The count of open, unfilled positions in the construction industry decreased in August, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The decline occurred as home building weakened in 2025. The number of open jobs for the overall economy was effectively unchanged, increasing from 7.21 million in July to 7.23 million in […]
Characteristics of Homes Built in Age-Restricted Communities
In 2024, approximately 43,000 homes were built in age-restricted communities, representing just over 3% of all housing starts. According to the Census Bureau’s Survey of Construction, roughly three-quarters of these homes (32,000) were single-family units. The remaining 11,000 were multifamily units, which marked the lowest number of age-restricted multifamily starts since 2009. In 2009, during […]