According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $5.00 trillion (seasonally adjusted) for the first time in November—a 5.7% monthly increase (seasonally adjusted annual rate). The increase reflected a 17.7% surge in revolving credit and a more modest...
The year-over-year (YOY) growth rate for residential building worker wages decelerated to 0.6% in June 2023. Over the past five months, wage growth accelerated moderately and reached 4.0% in November. Overall, average hourly earnings for residential building workers* increased at a relatively slower pace in...
December’s jobs report concludes another solid year of job hiring in 2023. In December, total nonfarm payroll employment increased by 216,000, and the unemployment rate held steady at 3.7% for the second month. Job gains moderated in 2023 with an average 225,000 monthly employment growth...
Nonfarm payroll employment increased in 37 states and the District of Columbia in November compared to the previous month, while 13 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 199,000 in November, following a gain of...
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2023. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increase ranged from 9.7 percent in Kansas to 0.7...
Due to tightened monetary policy, the count of total job openings for the economy continues to move lower. This is consistent with a cooling economy that is a positive sign for future inflation readings. In November, the number of open jobs for the economy declined...
NAHB analysis of Census data shows that private residential construction spending rose 1.1% in November, after an increase of 2% in October. It stood at a seasonally adjusted annual pace of $897 billion. Total private residential construction spending is 3.7% higher compared to a year...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. At the end of 2022, Natalia Siniavskaia provided a new estimate for the current size of the U.S. housing deficit: The Size...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In November, we reported on recent declines for custom home building construction starts. Declines for Custom Home Building
...With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In October, Rose Quint examined consumer survey data showing growing buyer interest in the third quarter: Housing Demand Caught Between High Rates...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In March, Jesse Wade reported on recent geographic shifts for home construction. Single-Family Market Share Continues to Shift from Large Population Centers...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. Two such posts focused on the aging housing stock, a key driver of remodeling and new construction conditions. In February, Na Zhao...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. Jing Fu provided a recent analysis of recent metro price dynamics. Home Prices Continue to Rise in September
...With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. Trends concerning building material pricing were examined monthly by David Logan. In May, David reported on a pivot for aggregate building material...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. Danushka Nanayakkara-Skillington provided recent year-to-date estimates for building permits, including top ten lists for single-family and multifamily markets. Single-Family Permits Down in...
With the end of 2023 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. Two such posts focused on home prices and construction costs. In November, Natalia Siniavskaia examined 2022 Census data to report regional differences...
Elevated mortgage rates acted as a drag on new home sales in November, but with the economy now apparently past peak interest rates for this cycle, sales are expected to rise as we move into the new year. Sales of newly built, single-family homes in...
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $129 billion in taxes were paid by property owners in the third quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q3 2023, state and local governments collected $757...
