Tag Archive for ‘economics’

Fed Lowers Target Rate for Third Time in 2019

The Federal Reserve reduced the target range for the key, short-term federal funds rate by 25 basis points to a top rate of 1.75% at the conclusion of its October Federal Open Market Committee (FOMC) meeting. This was the third cut in 2019, almost fully reversing a set of increases enacted in 2018. The FOMC views these enacted reductions as… Read More ›

Housing Share of GDP Rises in 3Q19

After declines for six consecutive quarters, the home building component of gross domestic product (GDP) increased during the third quarter of 2019. This gain was due to the housing rebound that has taken hold since the spring, with the pace of single-family permits rising since April and the rate of single-family starts increasing since May. The overall housing share of… Read More ›

US Economic Growth Slows in Third Quarter

According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) expanded at an annual rate of 1.9% in the third quarter of 2019, down slightly from a 2.0% increase in the second quarter of 2019 but above NAHB’s forecast of 1.5%. This marks the 22nd consecutive quarter of growth, but the fifth… Read More ›

California Leads Job Gains in September

Total nonfarm employment, seasonally adjusted (SA) increased by 2.1 million jobs, year-over-year (YoY), or 1.4% from September 2018 to September 2019. During this time, total nonfarm employment in the Western region increased by 2.1%. The South, Northeast, and Midwest recorded gains at 1.8%, 0.9% and 0.7% respectively, during this time. According to the Bureau of Labor Statistics, nonfarm payroll employment… Read More ›

Lot Size Remains Low in 2018

The median lot size of a new single-family detached home sold in 2018 stands at 8,567 square feet, or just under one-fifth of an acre. This is just 7 square feet larger but statistically not different from the 2017 median. In 2015, the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of… Read More ›

New Home Sales Remain Solid in September

Contracts for new, single-family home sales inched down 0.7% in September to a 701,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The decline came off a downwardly revised August estimate, which was decreased from an initial reading of 713,000 to a new estimate of 706,000. Year-over-year, the September estimate is… Read More ›

Most Common Siding On New Homes are Vinyl and Stucco in 2018

According to the data from the Census Bureau’s Survey of Construction (SOC) the most common exterior wall materials on homes started in 2018 were vinyl siding and stucco. Vinyl siding and Stucco (26 percent each) were used on new homes started in 2018, brick or brick veneer (21 percent), and fiber cement siding (such as Hardiplank or Hardiboard) (20 percent). Far smaller shares… Read More ›

Total Housing Starts Down on Multifamily, Single-Family Edges Up

According to estimates from the U.S. Housing and Urban Development and Commerce Department, single-family starts edged up in September, consistent with recent gains for the NAHB/Wells Fargo Housing Market Index (HMI). However, the headline measure of total housing starts was down 9.4% for the month due to a large decline in the volatile multifamily sector. Single-family starts increased 0.3% to… Read More ›

Builder Confidence Hits 20-Month High

Builder confidence in the market for newly-built single-family homes rose three points to 71 in October, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment levels are at their highest point since February 2018 and have risen 13 points since the start of 2019. The housing rebound that began in the spring continues, supported… Read More ›

Framing Methods for Single-Family Homes: 2018

Wood framing remains the most dominant construction method for single-family homes in the U.S., according to NAHB analysis of Census Bureau data. For 2018 completions, 93% of new homes were wood-framed. Another 7% were concrete homes, and less than half a percent were steel-framed. These shares have remained fairly stable over the last five years. In absolute terms, 778,000 single-family… Read More ›