Tag Archive for ‘economics’

Multifamily Construction Data: 2nd Quarter 2019

An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. According to second quarter 2019 data, the average per unit square footage of multifamily housing construction starts was 1,103, off from… Read More ›

Contrasting Built-for-Rent and For-Sale New Single-Family Homes

How do homes built-for-rent differ from more common for-sale new single-family homes? This is an important question given recent attention on the built-for-rent sector of the residential construction industry. Second quarter data for 2019 reveal that approximately 42,000 homes were built-for-rent over the last year, representing about 5% of single-family construction. Though this figure continues to trend modestly higher as… Read More ›

Townhouse Construction Weaker

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction slowed during the second quarter of 2019 after a strong 2018 performance. This market softness matches recent data in the NAHB HBGI, which showed weak construction activity for large metro suburban markets at the start of 2019. Nonetheless, townhouse construction is… Read More ›

Homebuyer Preferences: Millennials vs. Other Generations

A recent study by NAHB reveals that millennials have a much stronger desire for certain bathroom features relative to older generations. The report compiled survey data between 2007 and 2018 and found that the share of home buyers who want whirlpool tubs declines as the older generations age but stays relatively constant for millennials. As of 2018, 70% of millennials… Read More ›

New Single-Family Home Size Continues Trending Lower

New single-family home size decreased during the second quarter of 2019 as interest rates declined. According to second quarter 2019 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area ticked down to 2,245 square feet. Average (mean) square footage for new single-family homes declined to 2,465 square feet. On… Read More ›

Texas Leads Job Gains in July

Total nonfarm employment, seasonally adjusted (SA) increased by 2.2 million jobs, year-over-year (YoY), or 1.5% from July 2018 to July 2019. During this time, total nonfarm employment in the Western region increased by 2.1%. The South, Northeast, and Midwest recorded gains at 1.7%, 0.9% and 0.7% respectively, during this time. According to the Bureau of Labor Statistics, nonfarm payroll employment… Read More ›

Flat Conditions for Single-Family Built-for-Rent Construction

The number of single-family homes built-for-rent has held steady over the last year amidst declines for other forms of home construction.  (You can read more here on how single-family built-for-rent homes differ from for-sale construction.) According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were 11,000 single-family built-for-rent starts for… Read More ›

Single-Family Starts Continue Improvement in July

According to estimates from the U.S. Housing and Urban Development and Commerce Department, the pace of single-family construction continued to improve in July. After reaching a post-winter low annualized rate of 814,000 in April, single-family starts expanded to an 876,000 pace in July, a 1.3% gain over the revised June estimate. However, single-family starts remain 3.3% lower a on a… Read More ›

Top 10 Features Millennials Want—and Don’t Want

At least four out of five millennial buyers prefer laundry rooms, hardwood front exteriors, patios and garage storage.  Conversely, they give a thumbs down to elevators, wine cellars and laminate countertops. These were among the findings from a new study by the NAHB Economics team that focused on millennial home buying preferences. The 2018 survey asked recent and prospective buyers… Read More ›