Overall confidence in the market for new multifamily housing held steady year-over-year in the first quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading...
State labor market conditions showed modest improvement in March, with job gains concentrated in several large states and the construction sector continuing to expand. However, employment declines across a number of states and mixed unemployment rate trends point to uneven momentum across regional economies. In...
The number of open positions in the construction sector edged higher in March, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from three years ago due to declines in construction activity,...
The U.S. housing market showed mixed but generally improving conditions in March, as new home sales strengthened and price pressures continued to ease. While inventory dynamics varied across segments, moderating home prices and increased availability at the lower end of the market provided some relief...
Remodeling has become increasingly important in the housing sector due to the aging housing stock, the trend of aging-in-place improvements, and more home owners choosing to stay put because of the lock-in effect from elevated mortgage rates. As a result, there has been a rising...
Mortgage rates continued to increase in April as ceasefire negotiations remain inconclusive. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.34% in April, 16 basis points (bps) higher than March. The average 15-year rate also increased by 13 bps to 5.69%. Despite the recent...
Private fixed investment in student dormitories edged up 0.1% in the first quarter of 2026, holding at a seasonally adjusted annual rate (SAAR) of $3.9 billion. This modest gain marked a third consecutive quarterly increase, despite continued pressures from elevated interest rates. However, on a...
Housing’s share of the economy was 15.9% in the first quarter of 2026, according to the latest estimates of GDP produced by the Bureau of Economic Analysis. This share is down from 16.0% in the fourth quarter and is lower than 16.5% registered just one...
Real GDP growth accelerated in the first quarter of 2026, rebounding from a weak finish at the end of 2025, as government spending recovered following a disruptive shutdown. First-quarter growth was also supported by strong gains in business investment in equipment, driven by an artificial...
The April meeting of the Fed’s monetary policy committee featured a lot of institutional news for a month in which the Fed kept monetary policy unchanged. The outlook for the economy and monetary policy remains unclear due to geopolitical turbulence and domestic policy uncertainty. This...
Housing construction activity strengthened in March, with a notable rebound in both single-family and multifamily starts, signaling improved builder activity despite ongoing headwinds from financing costs and affordability constraints. While the monthly gain points to renewed momentum, year-to-date trends remain mixed, particularly in the single-family...
The latest homeownership rate declined to 65.3% in the first quarter of 2026, according to the Census’s Housing Vacancy Survey (HVS). While this was a modest quarterly decrease, the broader picture continues to reflect significant affordability challenges. With mortgage interest rates remaining elevated, and housing...
The “silver tsunami” refers to the wave of housing inventory expected as older homeowners downsize or transition out of their homes. According to the latest American Community Survey, there are an estimated 61.2 million people in the U.S. aged 65 years or older, representing about...
February’s labor market data point to a notable pullback in employment, with job losses concentrated across a majority of states and only modest gains elsewhere. While January showed solid momentum, February’s decline reflects emerging softness in hiring conditions, alongside uneven performance across the country. In...
U.S. population growth slowed notably in the latest Vintage 2025 population estimates from the U.S. Census Bureau, with the nation expanding by just 0.5% in 20251, roughly half the pace of the prior year. The deceleration was primarily driven by a sharp decline in net...
The long-running shift in the construction labor force away from construction trades and toward management, business, and technical roles is ongoing and gaining momentum, according to NAHB’s analysis of the latest 2024 data from the American Community Survey (ACS). Although total industry employment now slightly...
In 2024, the number of second homes in the U.S. was 6.2 million, accounting for 4.3% of the nation’s housing stock, according to NAHB estimates. This reflects a modest decline from 2022, when the number reached 6.5 million. This decline suggests some cooling following the...
NAHB estimates the U.S. has a structural housing deficit of 1.2 million units. Among the myriad of headwinds home builders face trying to close that gap is the industry’s chronic shortage of workers in the construction trades. This shortage is responsible for an approximate $11...
