Eye On Housing
The labor market had its Goldilocks moment in August as payroll employment growth cooled from an overheated pace in June and July but maintained enough warmth to still satisfy. The Bureau of Labor Statistics (BLS) reported payroll employment rose by 151 thousand in August and the unemployment rate held steady at 4.9%. Payrolls for June and July were revised downward… Read More ›
NAHB’s analysis of July regional employment data from the BLS shows that states with the highest annual growth rates of total construction employment are Iowa (16.52%), Hawaii (12.89%), Idaho (12.63%), and Colorado (10.88%), compared to the national average growth rate of 4.55%. Thirty-nine states and District of Columbia experienced positive year-over-year changes in construction employment in July. On a… Read More ›
It was a good month for the labor force, builders not so much. The labor force and payrolls expanded smartly but recent gains have been tilted to the service sector while employment producing goods and homes has been flat. The Bureau of Labor Statistics (BLS) reported payroll employment rose by 255 thousand in July, the labor force expanded by 407… Read More ›
The count of unfilled jobs in the overall construction sector declined, but remained elevated, in May after setting a post-Great Recession high in March. Simultaneously, the rate of jobs being added to the residential construction sector has slowed noticeably over the last three months. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a… Read More ›
The labor market report for June is a refreshing tonic after last month’s discomfort. The Bureau of Labor Statistics (BLS) reported payroll employment growth rebounded in June, expanding by 287 thousand after an unnervingly weak May. Gains in the information sector were boosted by the return of roughly 40 thousand Verizon workers who had been out on strike in May…. Read More ›
According to NAHB’s National Impact of Home Building model, building 1,000 average single-family homes generates 2,975 jobs and $111.0 million in taxes and fees for all levels of government. Similarly, building 1,000 average rental apartments generates 1,133 jobs and $42.4 million in taxes. The jobs are measured in full-time equivalents (enough work to keep one worker employed full-time for a… Read More ›
In 2014, there were 1.7 million one-person firms in specialty trade contracting (carpenters, electricians, plumbers, etc.), 582,000 in residential building construction (e.g., home builders and remodelers), and 11,000 in land subdivision (developers of residential lots). These numbers come from the latest U.S. Census Bureau’s Nonemployer Statistics, which define a nonemployer as a business with no-paid employees, which means essentially that… Read More ›
The count of unfilled jobs in the overall construction sector remained elevated in April after a post-Great Recession high in March. However, the count of total jobs in the residential construction sector has declined for two straight months. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) fell to 200,000 in April,… Read More ›
April was a bad month, May is a shocker, and June is a non-starter. The Bureau of Labor Statistics (BLS) reported payroll employment growth stalled in May, expanding by only 38 thousand. The gains in May were expected to be depressed because of roughly 40 thousand Verizon workers on strike, but even taking that into account May’s gains were well… Read More ›
The count of unfilled jobs in the overall construction sector reached another post-Great Recession high in March. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) increased to 210,000 in March. The current estimate represents the highest monthly count of job openings since May 2007. The open position rate (job openings as a percent… Read More ›