Property tax revenue collected by state and local governments reached a new high in 2024 and continued to make up a bulk of tax revenue. Total tax revenue for state
As the number of housing units under construction peaked in 2023, the industry set another record employing close to 11.4 million people, including self-employed workers. NAHB estimates that out of
Nonfarm payroll employment increased in 31 states in January compared to the previous month, while it decreased in 19 states and the District of Columbia. California reported no change during
The market value of household real estate assets fell from $48.5 trillion to $48.1 trillion in the fourth quarter of 2024, according to the most recent release of U.S. Federal
Permits are off to a lower level to start the new year. Over the first month of 2025, the total number of single-family permits issued year-to-date (YTD) nationwide reached 73,115.
Housing affordability remains a critical issue, with 74.9% of U.S. households unable to afford a median-priced new home in 2025, according to NAHB’s latest analysis. With a median price of
Following two straight quarters of deceleration, house price appreciation accelerated slightly in the fourth quarter of 2024 due to the persistent high mortgage rates and low inventory. Although inventories of
The share of self-employed in construction remains just under 23%, a new post-pandemic norm. While this is significantly higher than an economy-wide average of 10% of the employed labor force,
Over 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 981,834. On a year-over-year (YoY) basis, this is an increase of 8.0% over the 2023 level of
Nonfarm payroll employment increased in 42 states and the District of Columbia in December compared to the previous month, while it decreased in seven states. Wyoming reported no change during
Real GDP of metropolitan areas rose 2.7% in 2023, with the “real estate, rental and leasing” sector contributing 0.34 percentage points and construction contracting growth by 0.11 percentage points. While
The worst on record rental affordability conditions, depleted “excess” savings of the pandemic era, and high mortgage rates halted the post-pandemic trend of young adults moving out of parental homes.
Over the first eleven months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 912,910. On a year-over-year (YoY) basis, this is an increase of 8.2%
Nonfarm payroll employment increased in 38 states and the District of Columbia in November compared to the previous month, while it decreased in 12 states. According to the Bureau of
Real gross domestic product (GDP) increased in 45 states and the District of Columbia in the third quarter of 2024 compared to the second quarter of 2024 according to the
Over the first ten months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 846,446. On a year-over-year (YoY) basis, this is an increase of 9.4%
As reported in a previous post, immigrants make up one in four workers in the construction industry. The share of immigrants is significantly higher (32.5%) among construction tradesmen. In some
House prices posted modest annual growth for the third quarter of 2024, as elevated mortgage rates kept many potential home buyers away from the housing market. Nonetheless, housing inventory has