Tag Archive for ‘economics’

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 ›

Fed Raises by 75 Basis Points, Again

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 3.25%. This marks the third consecutive meeting with an increase of 75 basis points. These supersized hikes are intended to move monetary policy… Read More ›

Housing Permits Fall Back Again in August

In August, housing starts rebounded but housing permits declined for the second straight month. The August drop in building permits indicates that the housing market is continues to cool as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act as a drag on the market. Overall housing starts rose 12.2% to a seasonally adjusted annual rate… Read More ›

Builder Confidence Falls for Ninth Straight Month as Housing Slowdown Continues

In another sign that the slowdown in the housing market continues, builder sentiment fell for the ninth straight month in September as the combination of elevated interest rates, persistent building material supply chain disruptions and high home prices continue to take a toll on affordability. Builder confidence in the market for newly built single-family homes fell three points in September… Read More ›

Employment Situation in August: State-Level Analysis

Nonfarm payroll employment increased in 37 states in August compared to the previous month while 13 states and the District of Columbia lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 315,000 in August, following a gain of 526,000 jobs in July. On a month-over-month basis, employment data was strong in Kentucky, which… Read More ›