Analysis of the history of data from the American Community Survey (ACS) reveals dramatic shifts in the makeup of the construction labor force over the last two decades. While the overall count of workers in the industry now approaches the historic highs of the housing...
The share of new homes with patios increased to yet another record high in 2023. Of the roughly 950,000 single-family homes started during the year, 63.7% came with patios. This is up from 63.3% in 2022 and marks the eighth consecutive year the percentage set...
Every year since 2008, the NAHB has conducted a member census in order to better understand the composition and characteristics of the people who belong to its organization. Similar to a previous post about builder members, NAHB conducted a related analysis of its associate members. ...
Sales of new homes rose unexpectedly in July, following significant revisions in the previous months data. Sales of newly built, single-family homes in July rose 10.6% to a 739,000 seasonally adjusted annual rate from significant upward revisions in June, according to newly released data from...
Existing home sales increased for the first time in five months, according to the National Association of Realtors (NAR), as improving inventory and declining mortgage rates motivated some buyers to act. Despite these changes, sales remained sluggish and low inventory continued to push up median...
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2024, there were just...
The labor market may not be as strong as previously estimated, according to the Bureau of Labor Statistics’ preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to...
NAHB’s Cost of Housing Index (CHI) highlights the burden that housing costs represent for middle and low-income families. In the second quarter of 2024, the CHI found that a family earning the nation’s median income of $97,800 must spend 38% of its income to cover...
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined significantly during the second quarter of 2024. For the quarter, 88,000 multifamily residences started construction. Of this total, 83,000 were built-for-rent. This marks a notable 37% decline from the...
Nonfarm payroll employment increased in 28 states in July compared to the previous month, while 22 states saw a decrease. The District of Columbia reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 114,000 in July, following...
An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and...
In the latest 2023 NAHB member census, 21% of NAHB builder members listed residential remodeling as their primary business. These remodelers tend to be relatively small, with a median of five employees and a median annual revenue of $1.8 million. They are thus even smaller...
Single-family built-for-rent construction posted year-over-year gains as of the second quarter of 2024, as builders sought to add additional rental housing in a market facing ongoing, elevated mortgage interest rates. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by...
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates gains for custom home building after some recent slowing. Custom home building typically involves home buyers less sensitive to changes for interest rates. There were 52,000 total custom...
Year-over-year gains for townhouse construction continued during the second quarter 2024 as demand for medium-density housing continues to be solid despite slowing for other sectors of the building industry. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose...
High interest rates for construction and development loans as well as ongoing challenges regarding labor shortages and higher prices for many building materials continued to slow the building market this summer. Overall housing starts decreased 6.8% in July to a seasonally adjusted annual rate of...
Of the roughly 950,000 single-family and 470,000 multifamily homes that started construction in 2023, 49,000 (30,000 single-family and 19,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of data from the Census’s Survey of Construction. A residential community can be legally age-restricted, provided...
A lack of affordability and buyer hesitation stemming from elevated interest rates and high home prices contributed to a decline in builder sentiment in August. Builder confidence in the market for newly built single-family homes was 39 in August, down two points from a downwardly...
