Eye On Housing
The end of 2014 saw an acceleration of job creation that compared favorably with the poor start to the year. Combined with the ongoing expansion of consumer confidence, these trends will help support housing demand and residential construction during 2015. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 257,000 in January, with an additional 147,000 jobs… Read More ›
Tag Archive for ‘eye on the economy’
Eye on the Economy: Housing Starts Top 1 Million for 2014
Total housing starts for 2014 reached the 1 million mark for the first time since 2007. Data from the Census Bureau and HUD for December, plus revisions for October and November, pushed total housing construction to a total of 1,005,800 for the year. Multifamily construction held virtually even at a 361,000 annual rate, down 0.8% from November. For the year,… Read More ›
Eye on the Economy: Labor Market Gains and Rising Consumer Confidence
Rising consumer confidence and recent labor market gains are positive developments for rental and owner-occupied housing demand going into 2015. The Thomson Reuters/University of Michigan Consumer Sentiment Index December reading rose to the most favorable level since its last cyclical peak in January 2007. The survey indicated consumers anticipated a significant income increases in 2015. The separate Conference Board Consumer… Read More ›
Eye on the Economy: Labor Market Gains are a Positive Sign for Housing
An improving labor market will help support growth in home building in 2015. And the November report offered the most positive jobs data in some time. According to the Bureau of Labor Statistics, 321,000 jobs (seasonally adjusted) were added to the economy in November, and the numbers for September and October were revised up by a combined 44,000. Prior to… Read More ›
Eye on the Economy: Sales Flat But Confidence Rising
Sales of new single-family homes were up 0.7% over a downwardly revised pace for September, according to the Census and HUD October report. The seasonally adjusted annual sales rate came in at 458,000 for the month, only 1.8% higher than the October 2013 sales rate. Inventory of new single-family homes for sale rose to 212,000, but this remains only a… Read More ›
Eye on the Economy: Tracking Progress on the Housing Recovery
The economy and the housing market continue their gradual march back to normal. The national NAHB/First American Leading Markets Index (LMI) rose to .90 in the third quarter from .89 in the second quarter. The index measures how close every metropolitan area is to its last normal level of single-family housing permits, employment and house prices. The LMI has three… Read More ›
Eye on the Economy: Builder Confidence Adjusts as Sales and Starts Hold Steady
The NAHB/Wells Fargo Housing Market Index (HMI) of builder sentiment fell five points in October to a level of 54. Any value above 50 means more builders see the market favorably over those who see unfavorable conditions. The drop was from a nine-year high of 59 in August and returns the index to levels experienced during the start of the… Read More ›
Eye on the Economy: Hiring Gains a Positive for Housing
Good employment data offer a positive for housing as the market transitions from summer to fall. According to the Bureau of Labor Statistics (BLS), 248,000 net jobs were created in September. August gains were revised from a disappointing 142,000 to a slightly better 180,000, while July’s tally was also revised from 212,000 to 243,000. The separate BLS household survey indicated… Read More ›
Eye on the Economy: New Home Sales Jump in August
New home sales rebounded in August, increasing 18% to a seasonally adjusted annual rate of 504,000, according to estimates from the Census Bureau and HUD. These gains were atop upward revisions for the July pace. The August rate is 33% higher than August 2013 and is a solid indication of the ongoing recovery in the single-family market. The inventory of… Read More ›
Eye on the Economy: Builders Look Forward
Housing starts fell in August, according to the most recent government data, but the NAHB/Wells Fargo Housing Market Index (HMI) rose to a post-recession high. The market data suggest future increases in single-family building as the sector expands to higher levels of activity more consistent with long-run rates of household formation and population growth. For August, the Census Bureau and… Read More ›