State labor markets showed mixed results in August, with nonfarm payroll employment increasing in a majority of states. At the same time, construction employment posted a net gain nationally, although employment trends varied across states. The unemployment rate also remained relatively low in several states,...
Single-family housing starts rebounded in August, but production remains down 4.7% year to date as builders contend with rising construction costs, lot and labor shortages, and economic uncertainty. Overall housing starts decreased 2.6% in August to a seasonally adjusted annual rate of 1.28 million units,...
The Federal Reserve raised the federal funds rate by 25 basis points at the conclusion of its September policy meeting, bringing the target range to 3.75% to 4%. The decision comes amid renewed inflation concerns and an increase in long-term interest rates. Notably, the decision...
Higher mortgage rates, worsening labor shortages and rising material costs are weighing on builder sentiment. Builder confidence in the market for newly built single-family homes fell three points to 32 in September, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index...
Single-family permitting activity continued to weaken through the first seven months of 2026, while multifamily permitting remained stronger compared with the same period last year. Although single-family permits declined in most regions and states, multifamily permitting increased in three of the four regions, led by...
In 2025, the number of women employed in the construction industry rose to around 1.37 million, an increase of about 31,000 from 2024. Women accounted for 11.3% of total construction employment, the highest share in the past 20 years. The growing presence of women...
The market value of households’ real estate assets rose in the second quarter, reaching $49.8 trillion, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. This level is 2.3% higher than in the first quarter and is 2.5% higher than a...
The custom home premium, the difference between what typical buyers pay per square foot for a contractor-built home and a spec home, reached 12.6%, its highest level since 2011, according to NAHB’s analysis of the latest Survey of Construction (SOC) data. For custom single-family detached...
Inflation in August remained sticky as renewed tensions with Iran continued pushing up oil prices, keeping pressure on the Fed to consider a rate hike at its upcoming meeting. Gasoline prices returned as the largest driver of headline inflation, accounting for one-third of the monthly...
Existing home sales fell for the third consecutive month as record-high home prices and elevated mortgage rates weighed on buyers. Mortgage rates resumed an upward trend after the July ceasefire ended. Geopolitical uncertainty, bond market sell-off and inflation concerns pushed rates to 6.71% last week,...
Residential building material prices, excluding energy, rose 0.2% in August and were up 5.1% from a year ago. Energy prices rose sharply in August, as prices for energy inputs to residential construction rose 6.6% over the month. Prices for services also rose, up 1.5% over...
Mortgage application activity continued to decline in August as elevated US treasury yields pushed mortgage rates higher. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, declined 3.2% month-over-month in August on a seasonally adjusted basis, marking the sixth...
The National Association of Home Builders (NAHB) conducts an annual census to better understand the composition and characteristics of its members. In 2025, 35% of NAHB’s membership was comprised of builder members—single-family and multifamily builders, residential and commercial remodelers, commercial builders, land developers, and manufacturers...
Building a new single-family home took less time in 2025 compared to the previous three years. On average, it now takes 8.8 months from start to finish. That time includes 1.4 months for authorization to start construction and another 7.4 months to finish construction. Data...
The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2025, according to the 2025 Survey of Construction (SOC) from the Census Bureau. On average, it took 18.9 months from permit to completion, about 0.7 months shorter than...
The U.S. labor market rebounded in August, with nonfarm payrolls increasing by 162,000 and upward revisions adding 55,000 jobs to June and July. The unemployment rate held steady at 4.1%, as both employment and the labor force participation rate rose over the month. August’s gain...
In the second quarter of 2026, the national median price for a new single-family home was $410,700, $25,000 lower than the national median price of an existing home, which stood at $435,700. This marks the largest difference between the national median trends for existing and...
Mortgage rates increased in August as Treasury yields remained elevated amid persistent inflation concerns. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.67% in August, up 13 basis points (bps) over July. Since the conflict in the Middle East began, the 30-year mortgage rate...
