NAHB estimates that $184 billion worth of goods were used in the construction of both new multifamily and single-family housing in 2023. Additionally, we estimate that $13 billon of those goods were imported from outside of the U.S. These figures lead to 7% of all goods used in new residential construction originating from a foreign…
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were unchanged in November according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. Compared to a year ago, this index was up 0.7% in November after rising 0.3% in October. The inputs to the new…
Inflation picked up to 2.7% in November, while matching expectations, the last mile to the Fed’s 2% target proves to be the most challenging. Shelter costs continued to be the main driver of inflation, contributing nearly 40% of the monthly increase. However, the year-over-year change in the shelter index remained below 5% for a third…
As reported in a previous post, immigrants make up one in four workers in the construction industry. The share of immigrants is significantly higher (32.5%) among construction tradesmen. In some states, reliance on foreign-born labor is particularly evident, with immigrants comprising over 40% of the construction workforce in California and New Jersey, and 38% –…
Employment rebounded sharply in November after strike- and hurricane-related disruptions in October. The unemployment rate rose one percentage point to 4.2% after holding at 4.1% for two months in a row. In November, wage growth remained unchanged from the previous month. Wages grew at a 4.0% year-over-year (YOY) growth rate, down 0.2 percentage points from…
House prices posted modest annual growth for the third quarter of 2024, as elevated mortgage rates kept many potential home buyers away from the housing market. Nonetheless, housing inventory has improved in recent months. Nationally, house price appreciation has decelerated for two straight quarters. According to the quarterly all-transactions House Price Index (HPI) released by…
