While job gains decelerated in November, the unemployment rate dropped to 4.2% and the labor force participation rate increased to 61.8%, the highest reading since March 2020. The increase in the labor force participation rate indicates that more people are returning to the labor force, a necessary requirement for additional hiring. Construction industry employment (both residential and non-residential) totaled 7.5… Read More ›

Nonfarm payroll employment increased in 47 states and the District of Columbia in October compared to the previous month while three states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 531,000 in October, following an upwardly revised increase of 312,000 jobs in September. On a month-over-month basis, employment data was strong in… Read More ›

NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $774.9 billion, down 0.5% from the upwardly revised September estimates. Total private residential construction spending was 16.7% higher than a year ago. Spending on single-family, multifamily constructions and improvements all declined in October, as homebuilding is still facing… Read More ›