• Surprise Data: Unemployment Rate Drops to 13.3% in May June 5, 2020
    In May, the unemployment rate posted a surprise decline to 13.3% and total payroll employment rose by 2.5 million as the economy partially reopened. Residential construction employment rose by 226,000 in May to 2.7 million, partially reversing a loss of 422,000 in April. Total construction industry (both residential and nonresidential) employment rebounded to 7.0 million […]
    Jing Fu
  • Multifamily Construction Gaining Market Share in Low Density Markets June 5, 2020
    In the last analysis of NAHB’s Home Building Geography Index (HBGI), single-family construction was shown to be expanding faster in regions of lower population density. The COVID-19-induced public health crisis has added momentum to this trend. Moreover, multifamily residential construction has been on a similar trajectory of growth that intensified in 2019, regardless of the […]
    Litic Murali
  • Initial Jobless Claims Continue to Fall June 4, 2020
    The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report for the week ending May 30th. Weekly initial claims fell below 2 million for the first time since the week ending March 14th. Continuing claims, which lags initial jobless claims by one week, rose slightly to nearly 21.5 million in the week ending […]
    Jing Fu
  • Home Purchasing Continues Gains June 3, 2020
    The latest round of the Mortgage Bankers Association’s (MBA) Weekly Application Survey showed a decline in its benchmark Market Composite Index for the week ending on May 29 by 3.9% from the previous week on a seasonally adjusted basis. Refinancing activity, fell sharply from the previous week by 8.6%. However, purchase application activity rose by […]
    Litic Murali
  • HBGI: Increased Home Building in Lower-Density Markets Ahead June 2, 2020
    The COVID-19 pandemic is likely to hasten a housing trend already taking place across the nation – residential construction activity that is expanding at a more rapid rate in lower density markets such as smaller cities and rural areas. This conclusion is among the findings of the latest quarterly National Association of Home Builders Home […]
    Litic Murali
  • Private Residential Spending Slides in April June 1, 2020
    NAHB analysis of the Census Construction Spending data shows total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $536.8 billion in April. It was down 4.5% in April, after a 0.2% dip in March, due to the economic consequences of the COVID-19 lockdowns. On a year-over-year basis, however, total private […]
    Na Zhao
  • 52% of Builders Used Incentives to Bolster Sales in May 2020 June 1, 2020
    The NAHB/Wells Fargo Housing Market Index survey conducted in May 2020 reveals that 48% of single-family builders are not using incentives to bolster sales and/or limit cancellations. This of course implies that slightly more than half, 52%, are using some kind of incentive to achieve that objective. What specific incentives are they using? Figure 1 […]
    Rose Quint
  • April Personal Income Up 10.5% Due to CARES May 29, 2020
    The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income surged in April to a seasonally adjusted annual rate (SAAR) of $20,674 billion. The 10.5% increase in personal income was largely the effects of Federal Pandemic Response Programs. Among the $360.5 billion increase in unemployment insurance, there were $132.0 […]
    Na Zhao
  • Most Vulnerable Housing Markets May 29, 2020
    Analysis of the American Community Survey (ACS) suggests that renters and young adults under the age of 34 are likely to face higher prolonged unemployment risks as a result of the coronavirus pandemic hitting the labor market. The labor market risks are also uneven across states, with state economies heavily reliant on leisure, entertainment, retail […]
    Natalia Siniavskaia
  • Pending Home Sales Fall in April May 28, 2020
    Following a considerable drop last month, pending home sales fell for a second straight month in April, as economic and social activities were significantly reduced. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI plunged 21.8% from 88.2 in March […]
    Fan-Yu Kuo