Credit conditions on loans for residential Land Acquisition, Development & Construction (AD&C) were still tightening in the first quarter of 2026, but only slightly, according to NAHB’s quarterly survey on AD&C Financing. The net easing index derived from the NAHB survey posted a first-quarter reading...
Residential construction permitting activity presented a mixed picture through the first quarter of 2026, as weakness in the single-family market contrasted with continued strength in multifamily development. Elevated financing costs, ongoing affordability challenges, and softer builder sentiment continued to weigh on single-family construction activity, while...
Lending standards and demand for most types of residential mortgages were essentially in the first quarter of 2026, according to the recent release of the Senior Loan Officer Opinion Survey (SLOOS). For commercial real estate (CRE) loans, lending standards for multifamily construction & development were...
Prices rose across a host of goods and services used in residential construction. Rising energy prices were the primary driver, but transportation service prices also rose at their fastest pace since 2022. Meanwhile, building material prices, excluding energy, rose at their highest yearly rate in...
Consumer loan delinquency rates continued to normalize in the first quarter of 2026 as pandemic-related disruptions diminished and credit conditions moved closer to historical norms. According to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York, about...
Inflation accelerated to a nearly three-year high in April, driven by continued increases in energy costs from the Iran war. Energy costs drove more than 40% of the monthly increase, with national gasoline prices soaring above $4.50 in early May for the first time since...
In the first quarter of 2026, consumer credit grew at a slightly faster pace than in years prior amid positive yet sluggish economic growth and rising inflation pressure. According to the Federal Reserve’s G.19 Consumer Credit Report, total outstanding U.S. consumer credit reached $5.14 trillion...
Existing home sales edged up in April after reaching a nine-month low in March, but sales remained at historically low levels. Elevated mortgage rates and reignited inflation driven by the Iran war continued to weigh on affordability as economic uncertainty pushed up long-term rates, while...
Wage growth for residential building workers remained subdued during the first quarter of 2026, reflecting continued softness in housing construction activity and easing labor demand. According to the latest data from the U.S. Bureau of Labor Statistics, both nominal and inflation-adjusted wage gains moderated further,...
The U.S. labor market continued to show resilience in April, with job growth persisting despite elevated interest rates and rising geopolitical uncertainty related to the Iran conflict. The unemployment rate held steady at 4.3%. Hiring gains were concentrated in health care, transportation and warehousing, and...
Mortgage application activity decreased month-over-month as the 30-year fixed mortgage rate rose. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, declined 12.4% month-over-month in April on a seasonally adjusted basis. However, overall activity remained 14.2% higher than a...
Private residential construction spending was up 1.7% in March 2026, following two straight months of declines. The increase was broad-based, with gains in single-family, multifamily construction, and home improvement spending. Moreover, total private residential construction spending was 3.6% higher than a year ago. According to...
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...
