The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2022 posted a reading of 77, declining 10 points from the second quarter of 2021.  This is the largest year-over-year decrease since the survey was redesigned in Q1 2020. The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market… Read More ›

Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981. Both energy and shelter index recorded their largest annual gains since April 1980 and February… Read More ›

Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the rising trend of single-story homes reversed in 2021. The share of single-story homes decreased in 2021 and the share of two or more stories homes started was greater than one story homes. This is in line with recent NAHB analysis of new… Read More ›

Average hourly earnings for residential building workers* continue to rise in May as the construction labor market remains tight, meanwhile the growth rate is trending down given tightening financial conditions and increased economic uncertainty. According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $29.18 in May 2022, increasing 5% from $27.79… Read More ›

Despite interest rate hikes, job growth remained solid in June. Total nonfarm payroll employment increased by 372,000 and the unemployment rate remained at 3.6% in June. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In June, residential construction lost 4,100 jobs, and non-residential construction added 16,500 jobs. Residential construction employment currently… Read More ›

The average length of time to complete construction of a multifamily building, after obtaining authorization, is 17.5 months, according to the 2021 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time in 2021 inched up from 2020, decelerating the upward trend since 2013.   The average time to build multifamily homes varies with the number of units in… Read More ›