After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate hike.
Forty-three states and the District of Columbia added construction jobs during the past twelve months, but momentum slowed in May with only 22 states adding jobs, according to a new analysis of federal employment data released by the Associated General Contractors of America.
Existing-home sales retreated for the fourth consecutive month in May. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions, according to the National Association of Realtors.
Rapidly rising hourly earnings enabled the construction industry to add 36,000 employees in May, but a record number of job openings going into the month suggests contractors want to hire even more workers, according to an analysis by the Associated General Contractors of America of new government data.
The number of U.S. secondary schools embracing trade skills curriculums is growing rapidly, according to the Home Builders Institute (HBI). The chief executive of the nation’s largest nonprofit organization in construction skills training says middle and high schools are reexamining the need to expose more of their students to the trades.
The Dodge Momentum Index (DMI) jumped 7% in May to 176.2 (2000=100), up from the revised April reading of 165.2. In May, the institutional component of the Momentum Index rose 9%, and the commercial component increased 6%.
New findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) show that the rate of year-over-year single-family construction growth in small and large metro urban, suburban and rural regional submarkets slowed in the first quarter of 2022 compared to the same time period as last year, with notable deceleration in large suburban markets.
Spending on nonresidential construction projects declined for the second month in a row in April as contractors coped with an all-time high for job openings, according to an analysis of federal spending data released by the Associated General Contractors of America.