A lack of existing inventory and solid demand helped offset rising mortgage rates and push single-family production higher in July, even as builders continue to grapple with elevated construction and financing costs as well as a lack of skilled labor. Overall housing starts increased 3.9% in July to a seasonally adjusted annual rate of 1.45…
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With shelter inflation accounting for a staggering 90% of the overall inflation rate last month, the National Association of Home Builders (NAHB) is calling on policymakers at all levels of government to take actions that will help boost the nation’s housing supply in order to ease a stubbornly high housing inflation rate that is harming…
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The count of open, unfilled jobs for the overall economy moved lower in May, falling to 9.8 million. While ongoing tight labor market conditions have likely confirmed one to two more Fed rate hikes through the start of the Fall, the JOLTS survey is another data point indicating an ongoing but gradual cooling of macro…
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The Senate Appropriations Committee today approved its Transportation, Housing and Urban Development, and Related Agencies fiscal year 2024 funding bill, and the measure includes $70.06 billion for HUD. Of particular note, the Senate bill includes $1.5 billion to sustain robust funding for the HOME Investment Partnership Program, the primary federal tool of state and local…
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The lack of skilled construction labor is a key limiting factor to expanding home construction and improving housing inventory and affordability. The latest Construction Labor Market Report from the Home Builders Institute (HBI), provides an outlook for residential construction employment and includes state-level employment data. Key findings in the report include: The construction industry currently needs approximately 723,000 new…
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