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Data & Forecasts

Commerce Department Cuts Lumber Tariffs from 20% to 9%

Commerce Department Cuts Lumber Tariffs

With lumber prices experiencing extreme price volatility this year and harming housing affordability, a final determination of the first administrative review by the U.S. Commerce Department to reduce duties on shipments of Canadian lumber into the United States by more than half is good news for American home builders and home buyers. “The Commerce Department’s action to…

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Highest Paid Occupations in Construction in 2019

Highest Paid Jobs in Construction 2019

According to the 2019 Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey data and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $49,030 and the top 25% make at least $68,690. In comparison, the U.S. median wage is $39,810, while the top quartile (top…

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New Homes Built with Private Wells and Individual Septic Systems in 2019

Wells Water Supply by State

NAHB Economics analysis of the Survey of Construction (SOC) data shows that about 9% of new single-family homes started in 2019 were served by individual wells and almost 17% have private septic systems. These shares, however, vary widely across the nine Census divisions with the corresponding shares reaching 37% and 45% in New England –…

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Most Expect to Continue Work At Home, Even After COVID Vaccine

After COVID Return to Work or Work Remotely

About 3 out of every 10 American adults are currently working from home, on a full- or part-time basis. The finding comes from a recent poll of a representative sample of over 17,000 adults conducted for NAHB by Morning Consult. Gen Z’s made up 12% of respondents, Millennials and Gen X’ers were each 26%, and…

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Housing Starts Mark a Solid Start in 2020

Total housing starts posted a 3.6 percent decline in January (1.57 million units) compared to an upwardly revised December estimate of 1.63 million units according to the joint data release from the Census Bureau and HUD. Relative to January 2019 (during the housing soft patch), total starts are 21.4 percent above the annual pace of 1.29 million…

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Millennial Buyers’ Willingness to Pay for Green Features

Millennials Willing to Pay for Green in 2020?

Results from NAHB’s report, What Home Buyers Really Want (2019 Edition), show that Millennials want an environment-friendly home, but few are willing to pay more for it for that reason alone. They are, however, willing to pay for certain green features, such as those that provide energy efficiency and cost saving benefits over time. When asked…

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Builders’ and Remodelers’ Use of Technology in 2019

According to a recent NAHB study, although use of some factory-produced components like trusses has become widespread, the newer and more innovative types of construction technology, such as 3D printing and robots, have so far penetrated the residential market only to a very limited extent.  This is true for both single-family builders and residential remodelers. Data…

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Basements Continue to Fall out of Favor

NAHB analysis of the Survey of Construction (SOC) shows that 60.1% of all new single-family started in 2018 were built on slab foundations, followed by 24.3% with a full/partial basement, and 14.3% with a crawl space. The gap between slab and full/partial basement foundation adoption rates is growing: the share of new homes built on…

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Property Taxes Account for 40 Percent of State and Local Tax Revenue in Q1 2019

NAHB analysis of the Census Bureau’s quarterly tax data shows that $594 billion in taxes were paid by property owners over the four quarters ending in Q1 2019.[1] It has been seven years since four-quarter property tax revenues declined. After accelerating in the third and fourth quarters of 2017, the four-quarter growth rate of property tax…

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Economic Forecast – October 2019

NAHB chief economist Dr. Robert Dietz addressed the NAHB membership at the recent NAHB Fall Leadership Council in New Orleans. His presentation, “The Housing Affordability Crunch and Rebound” is available for all HBA members to review. Below are a few samples. Click any of the images below or click here for a pdf of the…

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AD&C Loan Volume Contracts

Despite broader interest rate declines for government bonds and mortgages, NAHB industry survey data for the second quarter of 2019 indicates that interest rates for acquisition, development and construction (AD&C) remain stubbornly elevated. For example, loans for spec single-family home building averaged a 6.2% rate for the second quarter. These higher interest rates have caused the volume…

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Minority Homeownership Rate Continues to Decline

The minority homeownership rate declined again in the second quarter of 2019, edging down to 46.9 percent from 47.4 percent in the second quarter of 2018. This is its lowest level since the third quarter of 2017. The most recent release of the US Census’ Housing Vacancies and Homeownership Survey (CPS/HVS)also shows that the overall U.S.…

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263,000 Jobs Added in April

Total nonfarm payroll employment increased by 263,000 in April, while the unemployment rate declined to 3.6%. Residential construction employment increased by 600 in April, after the increase of 11,200 jobs in March. The total construction industry (both residential and nonresidential) gained 33,000 jobs in April. According to the Employment Situation Summary for April, released by the Bureau…

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Builder Confidence Posts Solid Gain in May

Builder confidence in the market for newly-built single-family homes rose three points to 66 in May, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder sentiment is at its highest level since October 2018 after declines in late 2018 due to higher interest rates and concerns over slower growth.…

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