Tag Archive for ‘COVID-19’

Job Gains Slow Sharply in September

Job gains slowed for the second straight month amid the resurgence of COVID-19 cases. Total payroll employment rose by 194,000 in September and the unemployment rate dropped to 4.8%. For the coming months, job gains are expected to accelerate as COVID-19 cases began to subside. Despite the slowdown in total nonfarm payroll employment, aggregate construction industry (both residential and non-residential)… Read More ›

Tracking the Geography of Home Building: Housing Affordability Metrics

Housing affordability has gained increased attention in recent quarters due growing home prices and rents. For the second quarter of 2021, NAHB’s Home Building Geography Index (HBGI) explored a geographic measure of housing affordability using Price-to-Income ratios of all counties in the United States1 to map the geography of single-family and multifamily construction. The principal findings of this new classification… Read More ›

Q2 2021 HBGI: Multifamily Suburban Shift

In the second quarter of 2021, residential construction continued to shift toward the suburbs and lower-cost markets, and this trend is especially pronounced within the multifamily sector, according to the latest Home Building Geography Index (HBGI). During this period, multifamily construction posted double-digit percentage gains in small metro core and suburban areas, while large metro areas experienced a decrease for… Read More ›

Job Gains Slow in August Amid Delta Variant Surge

Total payroll employment rose by 235,000 in August, marking a significant slowdown from the previous month. Meanwhile, the unemployment rate dropped to 5.2% in August, the lowest point during the pandemic. In August, residential construction employment rose by 17,400, while non-residential construction lost 20,300 positions, reflecting declines in builders (-2,800), nonresidential specialty trade contractors (-9,200) and heavy and civil engineering… Read More ›

MBA Data Indicates Large Declines for Past Due and Seriously Delinquent Loans

According to the Mortgage Bankers Association’s (MBA) fourth quarter National Delinquency Survey (NDS), on a seasonally adjusted basis, the percentage of loans past due decreased from 6.38% in the first quarter to 5.47%. State-level data of the past due loan category reveal that all states had reduced their count of past-due loans. The states that experienced the largest numerical declines… Read More ›

Refinancing Stirs in Latest Month to Highest Level Since February

In the past month, total mortgage activity, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index, was supported by refinancing, recovering from the relatively lower levels that were characteristic of the months prior. The gain in refinancing is owed to a sizable drop in the 30-year fixed mortgage, which decreased by 10 basis points to 3.01 percent for… Read More ›

2020 Multifamily Completion Data: Property Size

Data from the 2020 Census Bureau’s Survey of Construction (SOC) show that total multifamily units completed in 2020 increased by six percent to 375,000, the largest annual count of multifamily units completed in thirty years. The number of multifamily units completed were divided between 348,000 units built for-rent and 28,000 units built for-sale, increasing in both categories from the prior… Read More ›

Job Gains Accelerate in July

In July, U.S. job growth experienced a solid gain. Total payroll employment rose by 943,000 and the unemployment rate dropped sharply to 5.4%. The July data shows additional growth momentum at the beginning of the second half of the year. In the coming months, the surge of the Delta variant could affect the labor market as Covid-19 restrictions tighten to… Read More ›

Slight Rebound for Mortgage Demand

Over the last month, the Mortgage Bankers Association’s (MBA) tracked 30-year fixed-rate mortgage rate was showing a greater constancy than the volatility it had displayed in the prior months, staying between 3.10 percent and 3.20 percent, and dropped in the latest week, falling to 3.09 percent.  Similarly, the MBA’s Market Composite Index sharply rebounded last week by 16 percent from lower activity levels for most of the month. The rebound, as the MBA cites, may have… Read More ›