Eye On Housing
Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings declined in June, after a decline in May off a cycle high count for April. The estimated number of job openings in the construction sector fell back to 347,000 in June after reaching a post-Great Recession high of 434,000 in April. The decline occurred with… Read More ›
Labor and subcontractor shortages remained widespread in July of 2019 and are continuing to impact the industry in a number of ways—including putting additional upward pressure on new home prices— according to results from special questions on the survey for the NAHB/Well Fargo Housing Market Index (HMI). In July, the HMI survey asked builders specifically about shortages in 16 different occupations. … Read More ›
Perhaps as the most telegraphed interest rate cut of recent decades, the Federal Reserve reduced the key, short-term federal funds rate by 25 basis points to a top rate of 2.25%. This policy change is good for housing and home building, which continue to face housing affordability headwinds in spite of favorable demographics. There were two dissents to the announcement,… Read More ›
With the release of the estimate of second quarter 2019 GDP growth (2.1% growth rate), housing’s share of gross domestic product (GDP) continued a downward trend, more evidence of the the lack of housing supply caused and affected by ongoing housing affordability issues. Housing’s share of GDP fell to 14.6%. The home building and remodeling component – residential fixed investment… Read More ›
According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2019, down from a 3.1% increase in the first quarter of 2019 and above NAHB’s forecast of 1.6%. It is the 21st consecutive quarter of growth. Today’s release also reflected… Read More ›
Contracts for new, single-family home sales increased in June by 7.0% to a 646,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The increase came off a downwardly revised May estimate, which was decreased from an initial reading of 626,000 to a new estimate of 604,000. Year-over-year, the June estimate is 4.5% higher compared to… Read More ›
Total nonfarm employment, seasonally adjusted (SA) increased by 2.3 million jobs, year-over-year (YoY), or 1.5% from June 2018 to June 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%, 0.9% and 0.8% respectively, during this time. According to the Bureau of Labor Statistics, nonfarm payroll employment… Read More ›
Builder confidence in the market for newly-built single-family homes rose one point to 65 in July, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This marks the sixth consecutive month that sentiment levels have held at a steady range in the low- to mid-60s. Builders report solid demand for single-family homes. However, they continue… Read More ›
Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings declined in May off a cycle high count in April. The estimated number of job openings in the construction sector fell back to 369,000 after reaching a post-Great Recession high of 434,000 in April. The decline occurred with a somewhat elevated level of layoffs in… Read More ›
Although produced by NAHB’s Economists, Eye on Housing is intended for a fairly broad readership with an interest in housing, but not necessarily in the academic research published by technical journals. Nevertheless, many EoH readers will want to know about a relatively recent technical paper published in Housing Policy Debate. The paper is called The What, Where, and When of… Read More ›