Share of One-Story New Homes Increased in 2023

By Housing
The rising trend of two or more stories homes reversed in 2023, according to data obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB.  The share of homes started with two or more stories decreased for the first time in 2023 after gains in the previous two years. Despite the…

Stabilizing Construction Job Openings After Shift Lower

By Housing
Due to tightened monetary policy, the count of open construction sector jobs shifted lower in the early Spring but is now stabilizing, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). This shift lower is consistent with a somewhat cooler labor market, which is a positive sign for future inflation readings….

Private Residential Construction Spending Dips in May 

By Housing
Private residential construction spending was down 0.2% in May after surging 0.9% in the prior month, according to the construction spending data by the U.S. Census Bureau. Nevertheless, spending remained 6.5% higher compared to a year ago.  The monthly decline in total private construction spending for May is largely due to reduced spending on single-family…

2024 First Quarter State-Level GDP Data

By Housing
Real gross domestic product (GDP) increased in 39 states and the District of Columbia in the first quarter of 2024 compared to the last quarter of 2023 according to the U.S. Bureau of Economic Analysis (BEA). Ten states reported an economic contraction during this time, while Maryland reported no change. The percent change in real…

Mortgage Rates Declined in June but Remain High

By Housing
According to Freddie Mac, the average 30-year fixed-rate mortgage decreased by 14 basis points (bps) from 7.06% in the previous month to 6.92% in June 2024. This decline comes after increases from 6.64% in January to a peak above 7.2% in May. Nonetheless, the current rate is still higher from one year ago by 21…