Tag Archive for ‘economics’

An End to Large Rate Hikes from the Fed?

Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 4%. This marks the fourth consecutive meeting with an increase of 75 basis points and pushes the fed funds rate to a 15-year… Read More ›

Construction Job Market Volatility

The count of open, unfilled jobs for the overall economy increased in September, rising from 10.3 million open positions to 10.71 million. This represents a small increase from a year ago (10.67 million). This increase occurs despite signs of a slowing economy amidst aggressive monetary policy tightening by the Fed. The hotter than expected labor market data pushed the 10-year… Read More ›

New Home Sales Fall Back in September

Rising mortgage rates approaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September. Following a brief uptick in August, sales of newly built, single-family homes in September fell 10.9% to a 603,000 seasonally adjusted annual rate, according to newly released data by the… Read More ›

Employment Situation in September: State-Level Analysis

Nonfarm payroll employment increased in 44 states and the District of Columbia in September compared to the previous month while six states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 263,000 in September, following a gain of 315,000 jobs in August. On a month-over-month basis, employment data was strong in Florida, which… Read More ›

Single-Family Production Continues to Weaken in September

Single-family housing starts declined further in September as high mortgage rates, ongoing building material production disruptions and flagging demand stemming from rising affordability challenges continue to put a damper on new home production. Overall housing starts decreased 8.1% to a seasonally adjusted annual rate of 1.44 million units in September, according to a report from the U.S. Department of Housing… Read More ›

Share of New Homes with Porches Dips Below 64 Percent

Of the roughly 1.1 million single-family homes started in 2021, 63.4 percent came with porches, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau with partial funding from the Department of Housing and Urban Development). This marks the first time the share of single-family homes with porches has dipped below 64 percent since 2015. … Read More ›

Remodeling Market Sentiment Softened in Third Quarter, But Remains Positive

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2022 posted a reading of 77, declining 10 points from the third quarter of 2021. The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market “good,” “fair” or “poor.” Responses from each question are converted to an index that… Read More ›

Job Openings Fall as Economy Slows

The count of open, unfilled jobs for the overall economy fell 10% in August, declining from almost 11.2 million to 10.05 million. The decline for open jobs reflects the beginnings of a labor market retreat as the economy slows due to aggressive tightening of monetary policy by the Fed. While the economy continues to face a critical skilled labor shortage,… Read More ›

NAHB Builders’ Businesses Showed Significant Growth in 2021

The business of the typical NAHB (National Association of Home Builders) builder grew significantly between 2020 and 2021, according to results from NAHB’s latest member census.  The 2021 NAHB census shows that the median gross revenue of an NAHB builder in 2021 was $3.3 million, up 26.9 percent from the previous year. NAHB reinstated its member census during the industry-wide… Read More ›