Year-over-Year Decline for Construction Job Openings

Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings posted a monthly decline in November and a substantial decrease on a year-over-year basis. The estimated number of job openings declined from the October total (326,000) to 214,000 in November, after reaching a post-Great Recession high of 434,000 in April. […]

Builder Confidence Begins Year Strong as Single-Family Growth Continues

Builder confidence in the market for newly-built single-family homes edged one point lower to 75 in January, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The last two monthly readings mark the highest sentiment levels since July of 1999. Low interest rates and a healthy labor market combined with […]

Building Materials Price Growth Slowest Since 2015

Prices paid for goods used in residential construction advanced 0.2% in December (not seasonally adjusted) according to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics. Building materials prices increased 0.1% per month, on average, in 2019. The price of goods used in residential construction rose 1.5% over the year, representing […]

Slow Rebound in Single-Family Permits in November

Over the first eleven months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 791,452. On a year-over-year (YoY) basis, this is a 1.0% decline over the November 2018 level of 799,679.   Year-to-date ending in November, single-family permits reported declines in three regions and a slight increase in the South. […]

Rent Index Inches Up in December

In December, inflation-adjusted residential rents increased 0.1 percent over November’s reading, after essentially no growth in October and November (Figure 1). The average monthly growth rate of the real rent index stood at 0.11 percent in 2019, compared to 0.10 percent in 2018. NAHB constructs a “real” rent index to indicate whether inflation in rents […]

Updated Index Shows Regulation Most Restrictive on the Coasts

In December, the National Bureau of Economic Research (NBER) released a working paper announcing the release of an updated version of the Wharton Land Use Regulatory Index. The paper’s lead author, Joseph Gyourko, is a professor at the Wharton School who is well known for his research in this area and worked with the previous […]

145,000 Jobs Added in December

Total payroll employment increased by 145,000 and the unemployment rate was unchanged at 3.5% in December. Residential construction employment increased by 3,200 in December, after a decline of 1,100 jobs in November (revised). Total construction industry (both residential and nonresidential) employment totaled about 7.6 million in December. The Bureau of Labor Statistics released the Employment […]

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