Tag Archive for ‘home building’

Construction Job Openings Fall Back in February

Job openings in construction declined in February to 266,000 unfilled positions, according to data from the BLS Job Openings and Labor Turnover Survey (JOLTS). Hiring appeared to gain steam in February, although this was perhaps just statistical noise for the monthly data. However, March payroll employment numbers indicate strength ahead for the JOLTS construction data. Overall, hiring in the construction… Read More ›

New Home Sales Decline in February

After a slight rebound in December and January, the slowing of the pace of new single-family home sales continued in February as a combination of broader affordability challenges – higher rates and more costly materials – and storm effects reduced the volume of purchases. New single-family home sales declined 18% in February to a 775,000 seasonally adjusted annual rate, according… Read More ›

Second Homes: 15 Percent of New Home Sales

Last week’s post reported on first-time home buyers from the February survey for the NAHB/Wells Fargo Housing Market Index (HMI).   According to the same source, second homes (i.e., homes sold to buyers who are not going to occupy the home year-round, but use it as a vacation home, investment property, etc.) account for 15 percent of new single-family home sales. … Read More ›

Housing Starts Slow in February

Housing production continue to slow in February off strong levels as rising lumber and other material prices continue to affect the housing industry. Overall housing starts decreased 10.3% percent to a seasonally adjusted annual rate of 1.42 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The February reading of… Read More ›

Strong Single-Family Permit Gains in January

Over the first month of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 83,921. On a year-over-year (YoY) basis, this is a 19.2% increase over the January 2020 level of 70,386. Year-to-date ending in January, single-family permits reported increases in all four regions. The relatively more affordable Midwest reported the strongest increase of 21.5%, followed by… Read More ›

States and Construction Trades Most Reliant on Immigrant Workers

Last week, we published a post highlighting a continuing high reliance of construction on immigrant workers that now account for 24% of the construction work force. The share is much higher, reaching 30%, among construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced with immigrants comprising close to 40% of the construction workforce in California and… Read More ›

Jump in Construction Job Openings in January

Job openings in construction increased in January to the highest count since the Fall of 2019 according to data from the BLS Job Openings and Labor Turnover Survey (JOLTS). Hiring in construction was strong as 2021 began. However, construction employment did decline in February as material prices increased. The JOLTS data is reported with a one-month lag, so the February… Read More ›

First-time Buyers Comprise 43 Percent of New Home Market

According to the February survey for the NAHB/Wells Fargo Housing Market Index (HMI), first-time home buyers account for 43 percent of the new home market.  Weighted by builder size (single-family homes started in 2020), about two-thirds of the builders reported that more than 20 percent of their homes were sold to first-time buyers. Twenty-seven percent even said more than half… Read More ›

Immigrants in Construction: Rising Numbers, Falling Share

According to the most recent American Community Survey (ACS), the number of immigrant workers in construction approached 2.8 million in 2019, the highest level recorded by the ACS. Immigrant workers now account for 24% of the construction workforce, slightly below the 2016 record high share of 24.4%. The share of immigrants is higher in construction trades, reaching 30%. The latest… Read More ›

Nearly 90 Percent of Builders Have Trouble Getting Appliances

In the survey results described in one of last week’s posts, prices of building material ranked as the number one problem among NAHB’s single-family builders, and availability of building materials ranked second.  These concerns are not surprising, given the surge in building material prices reported in the latest Producer Price Index data from the Bureau of Labor Statistics. Traditionally, when… Read More ›