Tag Archive for ‘economics’

Many Remodelers Are Now Creating ADUs

Despite some recent improvement, household formations have been lagging since the latest downturn.  The consequences have been many—including a lower rate of housing production, a lower rate of replacing older housing units, a therefore aging housing stock, and increased doubling up.  Remodeling is also potentially affected, as the tendency to double up may be accommodated in part by modifying an… Read More ›

New Single-Family Home Size: First Quarter 2019 Data

New single-family home size increased slightly at the start of 2019, as the market slowed. According to first quarter 2019 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area ticked up to 2,355 square feet. Average (mean) square footage for new single-family homes increased to 2,584 square feet. On… Read More ›

California Leads Job Gains in April

Total nonfarm employment, seasonally adjusted (SA) increased by 2.6 million jobs, year-over-year (YoY), or 1.8% from April 2018 to April 2019. During this time, total nonfarm employment in the Western region increased by 2.0%. The South, Northeast, and Midwest recorded gains at 1.7%, 1.2% and 1.0% respectively, during this time. According to the Bureau of Labor Statistics, nonfarm payroll employment… Read More ›

Flat Conditions for Custom Home Building

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building was effectively flat over recent quarters. There were 29,000 total custom starts for the first quarter of 2019. This was down slightly compared to the first quarter of 2018 (31,000). Over the last four quarters, custom housing starts totaled 170,000. This was… Read More ›

Curb-less Showers Now Among the Most Common Aging-In-Place Projects

Last week’s post covered general issues related to Aging-In-Place (such as how many professional remodelers do it, and how many of their customers are receptive to it), using data from NAHB’s Remodeling Market Index (RMI) survey for the 4th quarter of 2018.  This post covers some of the more detailed questions from the same survey, including specific types of Aging-in-Place projects undertaken… Read More ›

Townhouse Construction Slows at Start of 2019

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction slowed during the first quarter of 2019 after a strong 2018 performance. Nonetheless, townhouse construction is set for further expansion given the demographics of renters entering the for-sale market, as well as ongoing land constraints and the growth of demand for… Read More ›

Starts Gain Ground But Permit Weakness Continues

According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family and multifamily starts improved in April, consistent with the recent stabilization of the NAHB/Wells Fargo Housing Market Index (HMI). Single-family starts increased 6.2% to an 854,000 seasonally adjusted annual pace in April. Total multifamily starts increased 4.7% to a 381,000 annualized rate. On a year-to-date basis,… Read More ›

Builder Confidence Posts Solid Gain in May

Builder confidence in the market for newly-built single-family homes rose three points to 66 in May, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder sentiment is at its highest level since October 2018 after declines in late 2018 due to higher interest rates and concerns over slower growth. Builders are catching up after… Read More ›

Remodeling to Age-In-Place Remains Strong, Still Mostly for Older Home Owners

According to NAHB’s Remodeling Market Index (RMI) survey for the 4th quarter of 2018, over three-fourths of professional remodelers undertake projects designed to allow home owners to Age-in-Place.  Their customers are generally familiar with the Aging-in-Place concept, and at least somewhat receptive to it.  However, in practice remodelers continue to perform Aging-in-Place work mostly for customers age 55 or older,… Read More ›

Construction Job Openings Rise in March

Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings increased in March, consistent with the ongoing challenge of the availability of labor for builders. The estimated number of job openings in the construction sector increased to 360,000, a post-Great Recession high. Moreover, this marks a significant gain over the 234,000 openings estimated in March… Read More ›