Tag Archive for ‘economics’

Construction Layoff Rate Dives

The labor market continues to tighten. In the September BLS Job Openings and Labor Turnover Survey (JOLTS) data, the national number of job quits for all sectors (4.4 million) was up 34% year-over-year as worker churn accelerates. Total national job openings stands at 10.4 million. What had been, in prior years, a challenge in certain sectors, like construction, continues as… Read More ›

Federal Reserve: Taper Begins

The Federal Reserve has supported the housing market during the virus crisis, the 2020 recession, and the subsequent, ongoing recovery via asset-backed purchases (among other tools), including $40 billion a month of mortgage-backed security (MBS) purchases. These MBS purchases have held interest rates lower than they otherwise would have been. Beginning in November, the Fed will reduce the monthly volume of… Read More ›

Economic Growth Decelerates in the Third Quarter of 2021

Real GDP growth slowed to a moderate pace in the third quarter of 2021, as supply-chain disruptions continued, the cost of living rose, and 4.3 million workers quit their jobs. According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 2.0% in the third quarter of… Read More ›

Housing Share of GDP Steady During Third Quarter

Thanks to a surge in residential investment during 2020, housing’s share of GDP remains elevated compared to recent years. Last year’s market conditions involved a renewed focus on the importance of home, an evolving geography of housing demand, and a lack of for-sale inventory. Housing has continued to expand in 2021, although as the rest of the economy recovers, the housing… Read More ›

New Home Sales Post Solid Gain in September

Contracts for new, single-family home sales increased 14% to an 800,000 seasonally adjusted annual rate in September according to estimates from the joint release of the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. On a year-over-year basis, the September estimate was 18% lower than a year ago, when an unsustainable rebound took hold in… Read More ›

Employment Situation in September: State-Level Analysis

Nonfarm payroll employment increased in 33 states and the District of Columbia in September compared to the previous month while 16 states lost jobs. Wisconsin recorded no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased at a slower rate by 194,000 in September, following an upwardly revised increase of 366,000 jobs in August. On… Read More ›

Single-Family Starts Flat in September

Total housing starts decreased 1.6% in September, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Single-family starts were flat for the month, while overall multifamily starts declined in August. The August total starts reading of 1.56 million starts is the number of housing units builders would begin if development kept this… Read More ›

Strong Demand Boosts Builder Confidence Despite Supply Chain Disruptions

Strong consumer demand helped push builder confidence higher in October despite growing affordability challenges stemming from rising material prices and shortages. Builder sentiment in the market for newly built single-family homes moved four points higher to 80 in October, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index. Despite the increase, builders are getting increasingly concerned… Read More ›

Stable Conditions for Construction Job Openings

In the August labor market data, job openings for the overall economy remained elevated at 10.4 million open positions. What had been a challenge in certain sectors, like construction, continues as a broad labor access issue as businesses seek workers as the economy expands. The count of open construction jobs was stable at 344,000 unfilled positions, according to data from… Read More ›