NAHB and the Dodge Construction Network published research on the prevalence of green building in The Building Sustainably: Green & Resilient Single- Family Homes 2024 SmartMarket Brief. The research found that the overall share of home builders classifying more than half their projects as green* is at 34% for 2023 a one-percentage point increase from…
Residential building workers’ wage growth accelerated to 6.2% in February. After a 0.3% increase in June 2023, the year-over-year (YOY) growth rate for residential building worker wages have been trending up over the past eight months. The recent acceleration in wage growth was mainly due to the ongoing skilled labor shortage in the construction labor…
Job growth accelerated in March, following a strong gain in February. Furthermore, the unemployment rate fell to 3.8%. March’s jobs report shows that the labor market remains resilient despite elevated interest rates. The strong job numbers likely reduce prospects for a Federal Reserve rate cut in the near-term (NAHB has just two rate cuts in…
According to the latest What Home Buyers Really Want Study*, home buyers have rather diverse preferences when it comes to the architectural style of their home. In fact, there is no national consensus on exterior design. At best, a plurality of 34% would prefer to purchase a ‘traditional’ home (rooted in historic styles), while a…
The two most wanted features in a home are a laundry room and a patio, according to NAHB’s latest study on buyer preferences—What Home Buyers Really Want Study*. Buyers in the study were given a list of 200+ features of the home and the community and asked to rate each one on a consistent scale…
Due to tightened monetary policy, the count of total job openings for the entire economy has trended lower over the last year. This is consistent with a cooling economy that is a positive sign for future inflation readings. However, the number of open jobs for the aggregate economy was relatively unchanged in February per the…
NAHB analysis of Census data shows that private residential construction spending rose 0.7% in February, the third month of gains in a row. It stood at a seasonally adjusted annual pace of $901.1 billion. The monthly increase in total construction spending is attributed to more single-family construction and improvements. Spending on single-family construction rose 1.4%…
