Home >> Tag Archives: Residential Construction (page 2)

Tag Archives: Residential Construction

Survey: Labor Force for Residential Construction is 3.5 Million Strong

The NAHB residential construction employment estimates include self-employed workers. Counting self-employed is particularly important in the home building industry since they traditionally make up a larger share of the labor force. According to the 2013 ACS, one out of four construction workers is self-employed, while an economy-wide average does not reach 10 percent of the employed labor force.

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Road to Recovery Expected to Lengthen

In a market update, Wells Fargo's Economics Group contends that the road to housing recovery will be longer—and much bumpier—than expected. The group said that the "lack of a rebound in home sales this spring has reinforced our view that there was more than harsh winter weather behind the recent slide in home sales and mortgage applications."

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Construction Spending Ticks Up; Residential Activity Stumbles

The Department of Commerce reported Tuesday that construction spending throughout February came to an estimated seasonally adjusted annual rate of $945.7 billion, a 0.1 percent climb from a downwardly revised level of $944.6 billion in January. Year-over-year, February spending was up 8.7 percent. Between both private and public projects, residential construction spending was at an estimated rate of $365.2 billion, down 0.7 percent from January.

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January Construction Spending Beats Forecast

The government’s latest report shows spending on all construction projects was up 0.1 percent from December, coming to an estimated seasonally adjusted annual rate of $943.1 billion. That figure is 9.3 percent ahead of January 2013’s estimate of $863.1 billion. Economists polled by Reuters had expected a 0.5 percent decline in spending to follow December’s originally reported 0.1 percent improvement.

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Pending Sales See Third Straight Monthly Drop

Responding again to higher mortgage rates, the Pending Home Sales Index (PHSI) slipped for the third straight month, dropping 1.6 percent in August to 107.7--the lowest level since April, the National Association of Realtors (NAR), which compiles the index, reported Thursday. NAR chief economist Lawrence Yun said the drop was expected as a consequence of buyers accelerating purchase decisions while mortgage rates were first increasing.

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Second-Quarter GDP Maintains 2.5% Growth Rate

The nation's economy grew at an annual rate of 2.5 percent in the second quarter, the Bureau of Economic Analysis (BEA) revealed Thursday. Economists had expected the report--the third in the series of monthly GDP reports by the BEA--to show the economy had grown at a 2.8 percent annual rate, which would have been faster than the 2.5 percent growth rate BEA reported a month ago.

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New Home Sales Recover From July Plunge

Builders lowered prices and buyers responded in August, pushing new home sales up 7.9 percent to 421,000, reversing almost half of July's 64,000 drop in sales, the Census Bureau and HUD reported Wednesday. The report for August showed a slight shift away from higher-priced homes as houses priced at $500,000 or more accounted for 9 percent of August sales, down from 12 percent in July. Homes priced at $300,000 or less represented 63 percent of all August sales, unchanged from July.

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