Eye On Housing

• What States are Most Reliant on Immigrant Construction Workers
  Earlier this month, we published a post highlighting a high and rising reliance of construction on immigrant workers. Foreign-born workers now account for almost a quarter of workers in the construction industry, and close to 30% of construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced. Immigrants comprise close to 40% […]
• Jobless Claims Soar Amid the COVID-19 Outbreak
  The U.S. Department of Labor released Unemployment Insurance Weekly Claims Report this morning. Surprising but expected, the weekly initial claims on unemployment insurance surged in the week ending March 21 due to the impact of the COVID-19 crisis. In the week ending March 21, the number of people who applied for unemployment benefits, known as […]
• Survey: Builders Say Coronavirus Hurting Traffic
  In a survey conducted by NAHB online in recent days, 81 percent of respondents said the coronavirus has had an adverse effect on traffic of prospective buyers.  The survey, which was publicized in various internal NAHB communications and social media, collected 308 responses between March 18 and March 23.  The largest share of responses (51 […]
• Most Likely (Unlikely) Features in a New Single-Family Home in 2020
  Home builders make a lot of decisions about how to run their businesses every day.  Among their most critical determinations is what features to include in the homes they build.  Experience, region, trends, target audience, and many other factors play a role in a decision that directly affects their bottom line.  In order to provide […]
• New Home Sales Post Strong February Reading
  New home sales were solid in February before challenges associated with the coronavirus set in on the economy. Contracts for new, single-family home sales declined slightly in February by 4% to a 756,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. However, this marked a 14% […]
• Top Features First-Time Home Buyers Want
  After rising for six consecutive years (2010 to 2015), the average home size in the US has fallen steadily for the past four years (2016 to 2019).  In fact, estimates indicate the average home built in 2019 was the smallest since 2011.  This trend is evidence that builders are working to meet the demand for […]
• Existing Home Sales Hits 13-Year High in February
  Supported by historically low interest rates and rising demand, existing home sales, as reported by the National Association of Realtors (NAR), surged to 13-year high in February after a slight decline in January. Unfortunately, this will mark the high water mark for some time due to virus concerns. Total existing home sales, including single-family homes, townhomes, […]
• Housing Permits Started 2020 Strong
  Over the first month of 2020 – and prior to the impact of the coronavirus, the total number of single-family permits issued year-to-date (YTD) nationwide reached 70,386. On a year-over-year (YoY) basis, this is a 21.2% increase over the January 2019 level of 58,086. Year-to-date ending in January, single-family and multifamily permits reported growth across […]
• Single-Family Starts Strong in February Before March Challenges
  According to estimates from the Housing and Urban Development and Commerce Departments, single-family starts expanded in February. Construction activity was accelerated earlier in the year due to warmer weather. Despite the strong start for 2020, significant and rising headwinds exist for housing construction due to coronavirus mitigation efforts. The three-month moving average for single-family construction […]
• JOLTS Data from the Start of 2020
  Given the growing number of economic impacts from mitigation efforts associated with the coronavirus, early 2020 labor market data is of reduced value. However, the data help to describe where the economy was before the shocks of March. January data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings […]