The volume of total outstanding acquisition, development and construction (AD&C) loans posted a decline during the second quarter of 2023 as interest rates continue to rise and financial conditions tighten. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions declined by 2.8% during the second quarter. The volume of loans declined by $2.9 billion for the quarter…. Read More ›
According to the latest Survey of Construction (SOC), 42 percent of new single-family detached homes sold in 2022 were built on lots under 7,000 square feet, that is 0.16 of an acre. This is the highest share on record and reflects stark changes in the lot size distribution since the Census Bureau started tracking these series over 20 years ago… Read More ›
According to the annual data from the Census Bureau’s Survey of Construction (SOC), stucco was the most common principal siding material on new single-family homes started in 2022 (28%), followed by vinyl siding (26%), fiber cement siding (such as Hardiplank or Hardiboard (21%) and, brick or brick veneer (18%). Far smaller shares of single-family homes started last year had wood or wood… Read More ›
According to the data released by Bureau of Economic Analysis (BEA), private fixed investment in student dormitories inched up 1% to a seasonally adjusted annual rate (SAAR) of $3.6 billion in the second quarter of 2022, after a 6.4% increase in the first quarter. Private fixed investment in dorms was 8.7% higher than a year ago, but still below the… Read More ›
NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.4% in July after an increase of 1.5% in June and 3.5% in May. Spending stood at a seasonally adjusted annual pace of $879 billion. However, total private residential construction spending is still 5.5% lower compared to a year ago. The total construction monthly increase is… Read More ›
The recent employment data indicates that the labor market is cooling gradually due to rising interest rates. Total employment increased by 187,000 and the unemployment rate rose to 3.8% from 3.5%. Wage growth slowed. In August, wages grew at a 4.3% year-over-year growth rate, down 1.1 percentage points from a 5.4% gain in August 2022. The Bureau of Labor Statistics… Read More ›
