Tag Archive for ‘economics’

Gain for Custom Home Building

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates custom home building posted the second best quarter since the Great Recession during the Spring of 2021. There were 54,000 total custom building starts during the second quarter of the year. This marks a 15% gain from the second quarter of 2020, a comparison affected… Read More ›

Best Quarter for Townhouse Construction in 14 Years

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction in the second quarter of 2021 posted the highest count of starts in 14 years.  As housing demand has shifted to more suburban and exurban areas and housing affordability headwinds persist, medium-density construction lagged for much of 2020. However, demand for… Read More ›

Expansion for Single-Family Built-for-Rent Construction

The number of single-family built-for-rent (SFBFR) construction starts is expanding as demand for single-family structures, both for-sale and for-rent, remains strong. The SFBFR market is a way to add inventory amid concerns over housing affordability and downpayment requirements in the for-sale market, particularly during a period when people want more space and a single-family structure. Single-family built-for-rent construction differs with respect… Read More ›

Housing Starts Down in July on Supply Chain Challenges

Housing production declined in July due to rising prices and limited availability of lumber and other building materials. Overall housing starts decreased 7.0% to a seasonally adjusted annual rate of 1.53 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The July reading of 1.53 million starts is the number… Read More ›

Rising Job Openings

In the June labor market data, job openings for the overall economy increased to 10.1 million open positions. What had been a challenge in certain sectors, like construction, is now a broad labor access issue as businesses seek workers as the economy reopens. The count of open construction jobs increased in June to 339,000 unfilled positions, according to data from… Read More ›

Age-Restricted New Homes: Same Size, Slightly Pricier

Of the roughly 990,000 single-family and 389,000 multifamily homes started in 2020, 46,000 (28,000 single-family and 18,000 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 ›

Housing Nearly 17% of GDP

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 will continue to expand in 2021, although as the rest of the economy recovers, the… Read More ›

Federal Reserve and Housing: No Taper Talk Yet

Today’s Federal Open Market Committee announcement did not provide an explicit reference to an expected tapering of purchases of Treasury ($80 billion a month) and mortgage-backed ($40 billion a month) securities. In addition, as part of its ongoing accommodative policy stance, the Fed held its benchmark target rate near zero percent. In Chairman Powell’s press conference remarks, he stated, “The… Read More ›

New Home Sales Slow in June

As supply-side challenges continue, June recorded a decline of 6.6% for sales of newly-constructed single family homes, according to estimates from the Census Bureau and HUD. The June seasonally adjusted annual rate (676K) was the lowest since April 2020, due to builders slowing sales as a consequence of higher material costs and declining availability of labor, material and lots. Higher… Read More ›

Housing Starts Solid But Permits Weaken in June

Housing production was steady in June, although permit issuance weakened as higher construction costs and other supply limitations are deferring and delaying some construction projects. Overall housing starts increased 6.3% to a seasonally adjusted annual rate of 1.64 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. However, single-family permits… Read More ›