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March Private Residential Construction Spending Dips
Private residential construction spending declined by 0.4% in March, largely driven by a decrease in home improvement spending. This decline followed five consecutive months of growth. Despite the monthly drop, spending remained 2.8% higher than a year ago, showing the resilience of the housing...- Hoca
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- Forum: Wildlife photography
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Personal Income Rises 0.5% in March
Personal income increased by 0.5% in March, following a 0.7% rise in February and a 0.6% gain in January, according to the latest data from the Bureau of Economic Analysis. The gains in personal income were largely driven by higher wages and salaries. However, the pace of personal income growth...- Hoca
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- Forum: Wildlife photography
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Housing’s Share of the Economy Grows Higher to Start the Year
Housing’s share of the economy grew to 16.4% in the first quarter of 2025, according to the advance estimate of GDP produced by the Bureau of Economic Analysis. This is the highest reading since the third quarter of 2022 and is up 0.2 percentage points from the fourth quarter of 2024. The more...- Hoca
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- Forum: Wildlife photography
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House Sharing is Not Just for Young Adults
Traditionally appealing to students and young professionals, house sharing arrangements are gaining popularity among older adults.- Hoca
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- Forum: Wildlife photography
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U.S. Economy Contracted in First Quarter of 2025
The U.S. economy contracted in the first quarter of 2025 for the first time in three years, driven by a sharp surge in pre-tariff imports, softening consumer spending, and a decline in government spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA)...- Hoca
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- Forum: Wildlife photography
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Jobs Openings Fall as Economy Slows
Consistent with soft sentiment data, the count of job openings for the overall economy and construction fell in March as employers slowed hiring plans amid a broader economic slowdown, per the March Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The number of open...- Hoca
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- Forum: Wildlife photography
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Homeownership Rate Dips to Five-Year Low
The homeownership rate declined to 65.1% in the first quarter of 2024, the lowest level since the first quarter of 2020, according to the Census’s Housing Vacancy Survey (HVS). Amid elevated mortgage interest rates and tight housing supply, housing affordability is at a multidecade low. Compared...- Hoca
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- Forum: Wildlife photography
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April Mortgage Rates Edge Up Following Treasury Sell-Off
Mortgage rates edged up slightly in April, with the average 30-year fixed-rate mortgage settling at 6.73%, according to Freddie Mac. This marks an 8-basis-point (bps) increase from March. The 15-year fixed-rate mortgage increased by 7 bps to 5.90%. The uptick in mortgage rates followed a...- Hoca
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- Forum: Wildlife photography
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Existing Home Sales Receded in March
Existing home sales declined in March, according to the National Association of Realtors (NAR), as affordability challenges continued to weigh on the market. For the first time, the median home price surpassed $400,000 for the month of March, underscoring the ongoing pressure on prospective...- Hoca
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- Forum: Wildlife photography
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New Home Sales Rise in March
A modest decline in mortgage rates and lean existing inventory helped boost new home sales in March even as builders and consumers contend with uncertain market conditions. Sales of newly built, single-family homes in March increased 7.4% to a 724,000 seasonally adjusted annual rate from a...- Hoca
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- Forum: Wildlife photography
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The Power of Women in the Workforce
Over the past 125 years, women have played a crucial and multifaceted role in the labor force. Increasing women’s participation in the workforce is not only essential for individual and family well-being, but also contributes significantly to overall labor force participation rates and economic...- Hoca
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- Forum: Wildlife photography
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Who Influences the Purchasing of Building Products?
In a previous post, NAHB analyzed where builders and remodelers purchased products, regardless of who ultimately purchases them (themselves or subcontractors). In this post, the question shifts to who is most often responsible for the choice of particular products. When averaging over all 24...- Hoca
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- Forum: Wildlife photography
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State-Level Employment Situation: March 2025
Nonfarm payroll employment increased in 37 states and the District of Columbia in March compared to the previous month, while it decreased in 12 states. Wyoming reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased...- Hoca
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- Forum: Wildlife photography
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Builder Confidence Levels Indicate Slow Start for Spring Housing Season
Growing economic uncertainty stemming from tariff concerns and elevated building material costs kept builder sentiment in negative territory in April, despite a modest bump in confidence likely due to a slight retreat in mortgage interest rates in recent weeks. Builder confidence in the market...- Hoca
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- Forum: Wildlife photography
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Housing Starts Decline Amid Economic Uncertainty
Constrained housing affordability conditions due to elevated interest rates, rising construction costs and labor shortages led to a reduction in housing production in March. Overall housing starts decreased 11.4% in March to a seasonally adjusted annual rate of 1.32 million units, according to a...- Hoca
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- Forum: Wildlife photography
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Permits Pullback in February 2025
Permits continue the downward trend for the second month in a row. Over the first two months of 2025, the total number of single-family permits issued year-to-date (YTD) nationwide reached 147,119. On a year-over-year (YoY) basis, this is a decline of 5.2% over the February 2024 level of...- Hoca
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- Forum: Wildlife photography
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Despite Exemptions and Delays, Tariffs are Already Affecting Builders
Home builders have already started to feel the effects of U.S. tariff policy, according to recent NAHB member surveys. This is true even though the Administration did not announce its list of reciprocal tariffs until April 2nd, lumber along with USMCA-compliant imports from Canada and Mexico...- Hoca
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- Forum: Wildlife photography
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Where Do Builders and Remodelers Buy Building Products?
The most common sources for products used in home building and remodeling are specialty retailers, lumber yards, and wholesale distributors, according to two recent NAHB surveys. The surveys include one of single-family homebuilders in the October 2024 NAHB/Wells Fargo Housing Market Index (HMI)...- Hoca
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- Forum: Wildlife photography
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Building Material Prices Continue to Grow at Slower Pace
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were up 0.6% in March according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. The increase in February was revised upward to 0.7%. The...- Hoca
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- Forum: Wildlife photography
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Remodeling Market Sentiment Down in First Quarter
Sentiment declined among remodelers in the first quarter of 2025, following a similar trend last month in single-family home builder sentiment. The NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 63 in the first quarter, down five points compared to the previous quarter...- Hoca
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- Forum: Wildlife photography