Tag Archive for ‘economics’

Employment Situation in September: State-Level Analysis

Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 336,000 in September, following a gain of 227,000 jobs in August. On a month-over-month basis, employment data was… Read More ›

Single-Family Starts Post Unexpected Gain in September as High Interest Rates Persist

Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market. Overall housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing… Read More ›

Remodeling Market Sentiment Declines in Third Quarter of 2023

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2023 posted a reading of 65, edging down 3 points from the previous quarter. While there is still demand for remodeling, some customers are pulling back on potential projects due to higher prices and increased interest rates.  Even though remodeling spending has experienced some slow down over the… Read More ›

Patios Are Increasingly Popular on New Homes

The share of homes with patios edged up to another record high last year.  Of the roughly one million single-family homes started in 2022, 63.3% percent came with patios—up from 63.0% in 2021, and the seventh consecutive year of setting a new record.  The source for these numbers is NAHB tabulation of data from the Survey of Construction (conducted by… Read More ›

Growing Job Openings Leading to Higher Interest Rates

Financial conditions continue to tighten, as the 10-year Treasury rate increased to above 4.75%. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth forecasts) was a surprise jump in August for the total number of open, unfilled jobs. In August, the number of open jobs for… Read More ›

New Home Sales Weaken in August on Higher Mortgage Rates

Elevated mortgage rates and challenging affordability conditions pushed new home sales down to their weakest rate since March. Sales weakened in August with average mortgage rates above 7%. While some builders were able to offset that effect via mortgage rate buydowns, rates moved higher this month, suggesting the pace of new home sales will weaken further for September. Sales of… Read More ›

New Homes Same Size but Higher Priced if Age-Restricted

Of the roughly 1,005,000 single-family and 547,000 multifamily homes started in 2022, 59,000 (28,000 single-family and 31,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD).  A residential community can be legally age-restricted, provided it conforms the one of the… Read More ›

Employment Situation in August: State-Level Analysis

Nonfarm payroll employment increased in 33 states and the District of Columbia in August compared to the previous month, while 17 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 187,000 in August, following a gain of 157,000 jobs in July. On a month-over-month basis, employment data was strong in California, which… Read More ›