Tag Archive for ‘home building’

Immigrant Share in Construction Highest on Record

After years of being unable to ratchet up the number of new workers coming from outside the U.S. to help with persistent labor shortages, the construction industry reversed this trend and managed to attract over 90,000 new immigrant workers, levels unseen since the housing boom of 2005-2006. Native-born workers remain reluctant and continue joining the industry at a slower rate,… Read More ›

Single-Family Permits Down in October 2023

Over the first ten months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 773,526. On a year-over-year (YoY) basis, this is 10.7% below the October 2022 level of 865,815. Year-to-date ending in October, single-family permits declined in all four regions. The range of permit decline spanned 8.6% in the Northeast to 16.1% in the West…. Read More ›

The Fed Projects Lower Rates in 2024

The Federal Reserve’s monetary policy committee held the federal funds rate constant at a top target rate of 5.5% at the conclusion of its December meeting. The Fed will continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities as part of quantitative tightening and balance sheet normalization. Marking a third consecutive meeting holding the federal funds rate… Read More ›

Job Openings Fall – But Not For Construction

The bond market appears to be responding to cooling macroeconomic data, including labor market reporting, as long-term rates fall back. Among the risk factors that previously led to higher interest rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth data for the third quarter) was an ongoing, elevated count of open jobs… Read More ›

Amidst Housing Slowdown, Exurban Areas Post Largest Construction Gains

For the third consecutive quarter, single-family growth rates were negative for all geographic sectors of the nation, as exurban areas posted the largest increase in market share for both single-family and multifamily construction, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the third quarter of 2023. The lowest single-family… Read More ›

Share of New Homes with Decks Under 18% Again

As discussed in Eye on Housing last year, builders have been including decks on fewer and fewer new homes recently.  According to NAHB tabulation of data from the HUD/Census Bureau Survey of Construction (SOC), well over 20% of all single-family homes started had decks from 2005 through 2018—as many as 27% in 2007 and 2008.  After 2017, however, the share… Read More ›

Custom Home Building Share Improves in 2022

According to data from the Census Bureau’s Survey of Construction (SOC), custom homes share increased to 20.4 percent of all single-family homes started in 2022 from the 17.6 percent recorded in 2021. The custom home market consists of contractor-built and owner-built houses—homes built one at a time for owner occupancy on the owner’s land, with either the owner or a… Read More ›

Declines for AD&C Lending

The volume of total outstanding acquisition, development and construction (AD&C) loans posted a decline during the third quarter of 2023 as interest rates increased and financial conditions tightened. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions declined by 2.8% during the third quarter. The volume of loans declined by $2.9 billion for the quarter. This loan… Read More ›

No Change for Multifamily Missing Middle Construction

The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the third quarter of 2023, there were just 3,000 2- to 4-unit housing unit construction starts. This is down from a year prior…. Read More ›