• Age Distribution of the Construction Labor Force June 7, 2023
    The latest labor force statistics from the 2021 American Community Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 13.6% of the US labor force, their share in the construction industry reached only 10.0% in 2021. Meanwhile, the share of older construction workers […]
    Na Zhao
  • Single-Family Construction Slowdown Less Pronounced in Lower Density Markets June 6, 2023
    While single-family home building has slowed significantly from pandemic-fueled highs because of higher interest rates and construction costs, the slowdown is less pronounced in lower density markets. On the other hand, multifamily market growth remained strong throughout much of the nation, according to the latest findings from the National Association of Home Builders (NAHB) Home […]
    Jesse Wade
  • The Median Age of the Construction Workforce June 5, 2023
    NAHB analysis of the most recent 2021 American Community Survey (ACS) data reveals that the median age of construction workers is 42, one year older than a typical worker in the national labor force.  Attracting skilled labor is still the primary long-term goal for construction, even though a slowing housing market has eased some pressure […]
    Na Zhao
  • U.S. Adds 339,000 Jobs in May June 2, 2023
    Job growth accelerated in May. Total payroll employment rose by 339,000 and the unemployment rate rose to 3.7%. While labor demand remained strong, wage pressures eased from a year ago. In May, wage growth slowed to a 4.3% year-over-year gain, from 4.4% last month, and down 1.6 percentage points from a 5.9% gain in March […]
    Jing Fu
  • Private Residential Construction Spending Rises in April June 1, 2023
    Private residential construction spending inched up 0.5% in April, as spending on multifamily homes increased 0.6%. Private residential construction spending increased for the first time since June 2022 amid elevated mortgage interest rates. However, it is still 9.2% lower compared to a year ago. The total construction monthly increase is largely attributed to more spending […]
    Na Zhao
  • Slower Growth for AD&C Loans June 1, 2023
    Despite some negative reporting about private builder access to acquisition, development and construction (AD&C) financing, the volume of total outstanding loans posted a gain during the first quarter of 2023, albeit at the slowest growth rate since the end of 2020. Nonetheless, interest rates for these loans have increased as the Fed has raised the […]
    Robert Dietz
  • Despite Headwinds, Job Openings Rise May 31, 2023
    The count of open, unfilled jobs for the overall economy moved higher in April, rising to 10.1 million and complicating the June Federal Reserve decision. The higher job opening count for April increases the chance of another rate hike despite some speculation that May was the end of tightening. The count of open jobs was […]
    Robert Dietz
  • Home Prices Rebound in March May 30, 2023
    After seven consecutive months of decline, home prices climbed for a second straight month in March as low inventory levels persist. Locally, five metro areas, reported by S&P Dow Jones Indices, experienced negative home price appreciation in March. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at […]
    Jing Fu
  • Rates on Development and Construction Loans Continue to Climb May 26, 2023
    While mortgage rates were stabilizing in the first quarter of 2023, rates on loans for Acquisition, Development & Construction (AD&C) continued to climb, according to NAHB’s quarterly Survey on AD&C Financing.  From the last quarter of 2022 to the first quarter of 2023, the average effective rate (based on rate of return to the lender […]
    Paul Emrath
  • Apartment Absorptions Slightly Weaker in Fourth Quarter of 2022 May 25, 2023
    Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that multifamily market demand has softened as the percentage of apartments absorbed within the first 3 months of completion fell to 59.0% after six consecutive quarters of above 60.0% percent absorption. The absorption rate of unfurnished, unsubsidized apartments (the […]
    Jesse Wade