Nonfarm payroll employment increased in 27 states in June compared to the previous month, while employment decreased in 23 states and the District of Columbia. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 147,000 in June following a gain of 144,000 jobs in May. On a month-over-month basis, employment…
Single-family housing starts declined in June to the lowest rate since July 2024 as elevated interest rates, rising inventories and ongoing supply-side issues continue to act as headwinds for the housing sector. Due to a solid increase in multifamily production, overall housing starts increased 4.6% in June to a seasonally adjusted annual rate of 1.32…
Builder confidence for future sales expectations received a slight boost in July with the extension of the 2017 tax cuts, but elevated interest rates and economic and policy uncertainty continue to act as headwinds for the housing sector. Builder confidence in the market for newly built single-family homes was 33 in July, up one point…
Residential building material prices rose in June, driven primarily by higher construction machinery and equipment part prices. Metal commodities also experienced significant increases, following recently implemented tariffs on steel and aluminum. Meanwhile, price growth for services used in construction continues to outpace both domestic and imported goods. Prices for inputs to new residential construction—excluding capital investment, labor,…
Housing permits continued a downhill trend for the fifth month in a row, pointing to a broader residential construction slowdown for 2025. This slowdown is attributed to factors like higher mortgage rates, tariff concerns, and challenges about future housing demand due to economic uncertainty. Over the first five months of 2025, the total number of…
Inflation rose to a 4-month high in June as consumer prices began to reflect tariff policy. The Consumer Price Index increased from 2.4% in May to 2.7% in June year-over-year, according to the Bureau of Labor Statistics’ report. Despite the increase, core inflation came in softer than expected, suggesting full tariff impacts will likely push…
The number of residential remodelers in the U.S. has reached a record high of 128,187 establishments, 65% higher than the number of residential builders (single-family and multifamily), which stands at 77,455. These official government counts were released by the U.S. Census Bureau as part of its 2022 Economic Census, which tallies American businesses every five…
