Apartment Construction Took Longer in 2018

The average length of time to complete construction of a multifamily building, after obtaining authorization, is 16.2 months, according to the 2018 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013.   The average time to build multifamily homes varies with the number of units […]

Existing Home Sales Continue to Strengthen in August

Boosted by low mortgage rates, existing home sales, released by the National Association of Realtors (NAR), rose to 17-month high in August. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, climbed 1.3% to a seasonally adjusted annual rate of 5.49 million in August, the largest gain since March 2018. On a year-over-year basis, […]

Age Distribution of the Construction Labor Force

The latest labor force statistics from the 2018 Current Population Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 12.3% of the US labor force, their share in the construction industry reached only 9% in 2018. Meanwhile, the share of older construction workers […]

Housing Starts Rebound in August

Total housing starts posted a 12.3 percent increase in August (1.364 million units) compared to an upwardly revised July estimate of 1.215 million units, according to the joint data release from the Census Bureau and HUD. Relative to August 2018, total starts are 6.6 percent above the annual pace of 1.279 million units. Single-family production […]

Builder Confidence Hits Yearly High in September

Builder confidence in the market for newly-built single-family homes rose one point to 68 in September from an upwardly revised August reading of 67, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment levels have held in the mid- to upper 60s since May. Builders’ optimism in recent months […]

Share of New Homes with Fireplaces Drops to Record Low

Only 41 percent of single-family homes started in 2018 included fireplaces, according to NAHB tabulation of recently released data from the Survey of Construction (produced by the U.S. Census Bureau with partial funding from HUD).  This percentage is the lowest on record since NAHB began tabulating the data in a consistent fashion in 2001.  Since […]

Exurbs Lead Apartment Construction Gains in the Second Quarter

The second quarter of 2019’s recent permit data shed new light on NAHB’s Home Building Geography Index (HBGI), not only in manufacturing, which is its newest cut, but also in its first vein of analysis, a population density-based delineation of all the counties in the U.S., known as regions. New permits for multifamily dwellings have […]

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