Single-family housing starts posted a double-digit percentage gain in December, but production is running well below a rate of 1 million units annually, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges.
The National Association of Home Builders (NAHB) released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the fourth quarter, posting a reading of 66, declining 17 points compared to the fourth quarter of 2021.
Join Paul Murfin, president of Taylor Adhesives, as he discusses a range of topics with host Seth Gladden, director of marketing, including a look forward with his analysis of the industry's business climate—Tuesday January 17 at 11:30 AM EST.
Construction firms added 28,000 employees in December and continued to raise wages for hourly workers more than other sectors as the industry’s unemployment rate fell to a record low for the month, according to an analysis by the Associated General Contractors of America of new government data.
Total construction spending increased by 0.2 percent in November, dragged down by a lack of new infrastructure projects along with a continuing slide in homebuilding, according to an analysis of federal spending data released by the Associated General Contractors of America.
Pending home sales slid for the sixth consecutive month in November, according to the National Association of Realtors. All four U.S. regions recorded month-over-month decreases, and all four regions saw year-over-year declines in transactions.
While new home sales received a slight bounce in November from moderating mortgage rates, the housing market continues to struggle because of ongoing supply chain disruptions, elevated construction costs and challenging affordability conditions.
Construction employment increased in 268 of 358 metro areas between November 2021 and November 2022, according to an analysis by the Associated General Contractors of America of new government employment data.
Existing-home sales declined for the tenth month in a row in November, according to the National Association of Realtors. All four major U.S. regions recorded month-over-month and year-over-year declines.
Total construction starts fell 18% in November to a seasonally adjusted annual rate of $926.3 billion, according to Dodge Construction Network. During the month, nonresidential building starts lost 25%, nonbuilding shed 21%, and residential starts dropped 5%.