National Association of Home Builders Economic Research Blog
Townhouse Construction Share Gains Continue
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Townhouse construction gained single-family construction market share during the third quarter of 2025. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during ...
Job Growth Slowed as 2025 Ended
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Job growth continued to slow at the end of the year, reinforcing signs of a cooling labor market. Nonfarm payrolls increased by 50,000 jobs in December, while the unemployment rate ...
Residential Construction Softens Amid Ongoing Housing Market Headwinds
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The latest residential housing market report, delayed by the federal government shutdown last fall, indicates that builders have faced significant headwinds in recent months. Elevated mortgage rates earlier in the ...
Gains for Student Housing Construction in the Third Quarter of 2025
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Private fixed investment for student dormitories was up 3.8% in the third quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $3.9 billion. This gain followed three consecutive ...
Consumer Confidence Dropped to Lowest since Tariffs Introduced
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Consumer confidence in December fell to the lowest level since April’s tariff implementation, reflective of growing concerns about reignited inflation and a weakening labor market affecting personal finances. The labor ...
State-Level Employment Situation: November 2025
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In November 2025, employment levels were largely unchanged across all states, with year-over-year growth holding near 2%. In contrast, construction employment showed greater variation, with some states experiencing declines of ...
Construction Job Openings Increased in November
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The count of open, unfilled positions in the construction industry increased in November, per the delayed Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of ...
Mortgage Rates End 2025 at the Lowest Level of the Year
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Long-term mortgage rates have been declining since mid- 2025 and ended the year at their lowest level since September 2024. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.19% ...
Housing Share of GDP: Third Quarter 2025
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Housing’s share of the economy was 16.1% in the third quarter of 2025, according to the latest estimates of GDP produced by the Bureau of Economic Analysis. This share is ...
Strong Economic Growth for Third Quarter
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A belated GDP report shows that the U.S. economy expanded at a strong pace in the third quarter–July through September–before signs of cooling appeared in the labor market and consumer ...
