Recent Posts - page 2
-
Consumer Credit Increases in First Quarter
In the first quarter of 2022, non-real estate secured consumer credit, per the Federal Reserve’s latest G.19 Consumer Credit report, grew at a seasonal adjusted annual rate of 9.7%, with revolving debt growing at 21.4% and nonrevolving at 6.1%. Total consumer credit currently stands at $4.5 trillion, with $1.1 trillion in revolving debt and $3.4 trillion in non-revolving debt. From… Read More ›
-
Solid Job Gains in April
Total nonfarm payroll employment increased by 428,000 in April, and the unemployment rate was unchanged at 3.6%. The April’s data indicate that the labor market remained healthy despite surging inflation, tighter financial conditions, and the war in Ukraine. Construction industry employment (both residential and non-residential) totaled 7.6 million and has returned to its February 2020 level. Non-residential construction lost 2,000… Read More ›
-
The Fed Commits to Aggressive Tightening of Monetary Policy
Following a 25 basis points increase in March, the Federal Reserve’s monetary policy committee unanimously approved a further 50 basis points increase for the federal funds target rate, the largest increase for the rate in more than two decades. The Fed also provided details for its plan to reduce its balance sheet (quantitative tightening), which will further tighten financial conditions…. Read More ›
-
Slight Rise for Construction Job Openings
The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs increased slightly to 396,000 unfilled positions in March. The highest measure in the history of the data series (going back to late 2000) was 416,000 in April 2019. The housing market remains underbuilt and requires additional labor,… Read More ›
-
Metro Area Populations Exhibit Minimal Growth From 2020
The Census Bureau recently released its 2021 Metropolitan Statistical Area (MSA) annual population estimates. Between 2020 and 2021, 251 (65%) of the 384 MSAs within the 50 states and the District of Columbia experienced population increases, albeit small on percentage terms. The MSAs’ combined total population increased from 286,195,308 in 2020 to 286,472,775 in 2021, approximately a 0.1% increase. Dallas-Fort… Read More ›
-
March Gains in Private Residential Construction Spending
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1% in March after an increase of 0.7% in February. Spending stood at a seasonally adjusted annual rate of $882 billion. Total private residential construction spending was 18.4% higher than a year ago. These monthly gains are attributed to the strong growth of spending on… Read More ›
-
States with Highest and Fastest Rising Construction Wages
As the construction labor market remains tight and skilled labor shortages persist, wages in construction continue to rise, often outpacing and exceeding typical earnings in other industries. According to the latest Current Employment Statistics (CES) report from the Bureau of Labor Statistics (BLS), average hourly earnings (AHE) in construction vary greatly across 43 states that reported these data. Some of… Read More ›
-
March Gains in Personal Income
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.5% in March after a 0.7% gain in February. Gains in personal income are largely driven by increases in compensation of employees. However, it was 11.6% lower than a year ago when US government implemented stimulus packages to cope with COVID-19 crisis. Real… Read More ›
-
GDP Unexpectedly Decreases in the First Quarter
In the first quarter of 2022, real GDP declined for the first time since the pandemic recession, as inflation surged to a 40-year high and supply chain disruptions remain persistent. This quarter’s decrease reflected a deceleration in private inventory investment, decreases in exports and government spending and an increase in imports. According to the “advance” estimate released by the Bureau… Read More ›