Tag Archive for ‘economics’

Year-over-Year Gains for Construction Job Openings

The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs declined for the month to 337,000 unfilled positions in December. The highest measure in the history of the data series (going back to late 2000) was 445,000 in October 2021. The housing market remains underbuilt and requires… Read More ›

Housing Share of GDP: 16.4%

Thanks to a surge in residential investment during 2020 and ongoing strength in 2021, housing’s share of GDP remains elevated compared to most of the post-Great Recession period. Due to the pandemic, market conditions evolved with a renewed focus on the importance of home, a shifting geography of housing demand, and a lack of for-sale inventory. Housing continued to expand… Read More ›

Inventories Boost Fourth Quarter GDP Growth

Real GDP growth accelerated in the fourth quarter of 2021 despite omicron’s spread. This quarter’s growth reflected strong gains in private inventory investment and consumer spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 6.9% in the fourth quarter of 2021, after a disappointing 2.3%… Read More ›

Fed Rate Hike Coming in March

At the conclusion of its January policy meeting, the Federal Open Market Committee strongly signaled that it will undertake its first, post-covid increase of the federal funds rate in March. The Fed is tightening monetary policy in response to the highest inflation readings in nearly 40 years. These inflationary pressures have increased both consumer costs and businesses input costs, including… Read More ›

New Home Sales Increase in December

New single-family home sales increased in December as housing demand was lifted by buyers accelerating some contract signings due to anticipated higher mortgage interest rates in 2022. However, for the year as a whole, sales ended 7.3% lower than a supercharged 2020, as builders slowed some sales to manage ongoing building material and labor issues affecting the housing industry. The… Read More ›

Employment Situation in December: State-Level Analysis

Nonfarm payroll employment increased in 44 states and the District of Columbia in December compared to the previous month while five states lost jobs. Employment was unchanged in Utah. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 199,000 in December, following an upwardly revised increase of 249,000 jobs in November. On a month-over-month basis,… Read More ›

Remodeler Sentiment Continues to Improve Year-over-Year

The NAHB/Royal Building Products Remodeling Market Index (RMI) for the fourth quarter posted a reading of 83, up four points from the fourth quarter of 2020.  The reading is a sign of positive residential remodeler sentiment for projects of all sizes. The RMI is based on a survey that asks remodelers to rate various aspects of the remodeling market “good,” “fair”… Read More ›

Housing Starts End 2021 with Annual Gains

Home building ended 2021 with strong annual gains as demand accelerated in the wake of the pandemic. These annual gains were realized despite supply-chain limitations for materials and ongoing access issues for labor and lots. Single-family starts ended 2021 with a 13.4% increase for a total of 1.123 million starts. Multifamily 5+ unit construction ended the year with a 22.1%… Read More ›

Builder Confidence Edges Lower on Inflation Concerns

Growing inflation concerns and ongoing supply chain disruptions snapped a four-month rise in builder sentiment even as consumer demand remains robust. Builder confidence in the market for newly built single-family homes moved one point lower to 83 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI has hovered at the 83… Read More ›

Strong Year-over-Year Gains for Construction Job Openings

The construction labor market remains tight, as the levels of quits rise. The count of open construction jobs declined to 345,000 unfilled positions in November, after recording the highest measure in the history of the data series (going back to late 2000), 445,000 in October. The housing market remains underbuilt and requires additional labor, lots and lumber and building materials… Read More ›