In May, total nonfarm payroll employment increased by 390,000 and the unemployment rate was unchanged at 3.6%. Solid job gains continued in May, despite surging inflation, persistent supply-chain issues, and fears of a possible recession. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. Residential construction gained 16,700 jobs, and non-residential construction… Read More ›

Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the fourth quarter of 2021 due to strong demand and low vacancy rates. However, the decline in the number of apartment and condominium completions in the fourth quarter of 2021 may reflect the ongoing supply chain challenges…. Read More ›

NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 0.9% in April after an increase of 0.7% in March 2022. Spending stood at a seasonally adjusted annual rate of $891.5 billion. Total private residential construction spending was 18.4% higher than a year ago. These monthly gains are attributed to the strong growth of spending… Read More ›

The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs jumped to 449,000 unfilled positions in April. This is the highest measure in the history of the data series (going back to late 2000). The housing market remains underbuilt and requires additional labor, lots and lumber and… Read More ›

National home prices grew at an unsustainable pace in March, reaching an all-time high. This indicates that the imbalanced market with strong demand and record-low inventory continued to put upward pressures on home prices. However, keep in mind this is a backward-looking reading. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at… Read More ›

Over the past 12 months, the cost to multifamily developers of compensating their employees increased by an average of nearly 12 percent, according to results from NAHB’s latest Multifamily Market Survey (MMS). The first quarter 2022 MMS, sent electronically to a panel of multifamily developers on April 12, included a special question on how much compensation costs have increased for… Read More ›