Earlier this year, we published a post highlighting a continuing high reliance of construction on immigrant workers post pandemic. Immigrants make one in four construction workers. The share is significantly higher, reaching 30%, among construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced with immigrants comprising close to 40% of the…
As described in a previous post, NAHB’s recently released its 2023 Priced-Out Estimates, show that 96.5 million households are not able to afford a median priced new home, and that an additional 140,436 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid,…
According to the latest 2021 ACS, close to 11 million people, including self-employed workers, worked in construction in 2021. NAHB Economics estimates that out of this total, 4.5 million people worked in residential construction, accounting for 2.9% of the US employed civilian labor force. Home building in multiple states in the Mountain Division, as well…
The count of open, unfilled jobs for the overall economy declined again in February, falling to 9.9 million, after an 11.2 million reading in December, which was the highest level since July, and 10.6 million in January. The count of total job openings should fall in 2023 as the labor market softens and the unemployment…
Private residential construction spending declined 0.6% in February, as spending on single-family construction decreased 1.8%. Spending declined for the ninth month in a row amid elevated mortgage interest rates. Consequently, private residential construction is 5.7% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has…
Real gross domestic product (GDP) increased in 42 states and the District of Columbia in 2022 according to the U.S. Bureau of Economic Analysis (BEA). Six states recorded declines while Maryland and New Hampshire reported no change. The percent change in real GDP ranged from 4.9 percent increase in Idaho to 2.4 percent decline in Alaska….
According to NAHB analysis of Federal Deposit Insurance Corporation (FDIC) data, large banks (assets greater than $10 billion) have increased their share of the residential construction loan market above pre-Great Recession levels in recent years. A 1-4 family residential construction loan is used for residential 1-4 family construction and land development. The majority of 1-4…
