Mortgage rates that continue to hover in the 7% range along with elevated construction financing costs continue to put a damper on builder sentiment. Builder confidence in the market for newly built single-family homes was 43 in June, down two points from May, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market…
The market value of household real estate assets rose from $44.90 trillion to $45.84 trillion in the first quarter of 2024 according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. Over the year, household real estate assets were 7.75% higher. After falling in the fourth quarter of 2023, the market value…
Over the first four months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 336,124. On a year-over-year (YoY) basis, this is an increase of 25.3% over the April 2023 level of 268,205. Year-to-date ending in April, single-family permits were up in all four regions. The range of permit increase spanned…
Diversifying the construction labor force is a key strategic goal given the ongoing skilled labor shortage. The latest labor force statistics from the 2022 American Community Survey[1] show that Non-Hispanic White people account for the majority of workers in the construction industry (57.5%). However, Hispanics make up close to one-third of the construction labor force…
Inputs to residential construction, goods less food and energy, fell 0.09% over the month according to the most recent producer price index (PPI) report published by the U.S. Bureau of Labor Statistics. The index for inputs to residential construction, goods less food and energy, represents building materials used in residential construction. This was the first…
