Due to tightened monetary policy, the count of open construction sector jobs shifted lower in the early Spring but is now stabilizing, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). This shift lower is consistent with a somewhat cooler labor market, which is a positive sign for future inflation readings….
Private residential construction spending was down 0.2% in May after surging 0.9% in the prior month, according to the construction spending data by the U.S. Census Bureau. Nevertheless, spending remained 6.5% higher compared to a year ago. The monthly decline in total private construction spending for May is largely due to reduced spending on single-family…
Real gross domestic product (GDP) increased in 39 states and the District of Columbia in the first quarter of 2024 compared to the last quarter of 2023 according to the U.S. Bureau of Economic Analysis (BEA). Ten states reported an economic contraction during this time, while Maryland reported no change. The percent change in real…
According to Freddie Mac, the average 30-year fixed-rate mortgage decreased by 14 basis points (bps) from 7.06% in the previous month to 6.92% in June 2024. This decline comes after increases from 6.64% in January to a peak above 7.2% in May. Nonetheless, the current rate is still higher from one year ago by 21…
The budget deficit in 2024 is expected to total $1.9 trillion, according to the Congressional Budget Office’s most recent June estimates. This marks a $408 billion increase from the $1.5 trillion estimate published in February. This increase is the result of increased spending of $363 billion and decreased revenues of $45 billion for the year….
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining home price growth and home building activity. Lean inventory levels lead to price growth and gains for home building. The metric “months’ supply” is a…
New single-family starts have trended higher since 2012, reaching a post-pandemic peak of 1,133,145 units in 2021. During 2022 and 2023, elevated housing prices and persistently high mortgage rates have dampened housing market activity. According to NAHB analysis of the 2023 Survey of Construction (SOC), new single-family starts decreased in 2023 for the second consecutive…
