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Housing Markets Have Slowed

Since the beginning of 2020, residential rents are up by almost 25 percent nationally while home prices have climbed almost 40 percent. However, this year has seen a slowdown in both the for-sale and rental markets as higher mortgage rates coupled with elevated house prices and rents have caused housing demand to soften. As a result, rent growth has significantly slowed in most markets over the past year and home prices have declined in a growing number of areas. Still, even with the growing concern over housing affordability, any market slowdown will be muted given the nationwide housing shortage resulting from years of underproduction. Read More

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Unemployment Rate Holds Steady at 3.6% for June

At 3.6%, the national unemployment rate for June 2023 changed little month over month and was the same as in June 2022, reports the Bureau of Labor Statistics. Read More

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2023 Floor Coverings Sales Trends

U.S. floor coverings manufacturer sales (shipments minus exports plus imports) declined sharply in the first half of 2023 as final demand dropped and distributors and retailers worked off excess inventories accumulated in the second half of 2022. Manufacturers are also working through supply chain issues which significantly cut into import shipments. In addition, price increases leveled off as demand slumped and material cost pressures subsided. Catalina, however, sees the decline in manufacturer sales bottoming out in the third quarter of 2023 and could begin to recover in the fourth quarter as the inventory liquidation ends. Manufacturer sales could turn up by the fourth quarter as the drop in new home construction levels off, the decline in existing home sales slows, and commercial demand remains strong. Read More

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Strong Start, Slow Finish - Flooring Covering Statistical Report 2022

In 2022, U.S. floor coverings sales slowed considerably from the sharp gains experienced in 2021, according to Catalina Research. The year started strong since flooring sales were still benefiting from the surge in housing demand in 2021. Floor covering sales growth weakened in the second half as the Federal Reserve sharply increased interest rates to curb inflationary pressures. Rising interest rates caused housing starts and existing home sales — the primary drivers of U.S. floor coverings sales — to decline sharply. At the same time, inflationary pressures and supply chain issues caused flooring prices and installation costs to surge. The rising cost of an installed floor resulted in customer purchases slowing at an even sharper rate than manufacturer sales. Read More

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Total Construction Starts Declined 9% in June

Total construction starts fell 9% in June to a seasonally adjusted annual rate of $1 trillion, according to Dodge Construction Network. Nonresidential starts led the downturn, falling 14%. Nonbuilding starts fell 9%, and residential starts lost 4% Read More

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Port-of-Entry

U.S. hard-surface imports finally crossed over the “400” bar in May, with the $425.2 million in customs value showing a 16.2% increase from April. However, the total is still more than 13% behind the $490.8 million of May 2022. Read More

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AIA Predicts Rapid Growth for Nonresidential Construction in Late '23

The American Institute of Architect’s (AIA) Consensus Construction Forecast panel has optimistic projections for nonresidential building spending in late 2023 and beyond, and the news is generally positive-with a caveat. The panel-comprised of leading economic forecasters-is projecting that spending on buildings will increase by 20% this year-a torrid pace not seen since the construction boom years leading up to the Great Recession. Read More

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Architecture Billings Index Remained Positive at 50.1 in June

The Architecture Billings Index (ABI) score of 50.1 for June indicates that billings at architecture firms remained steady as design activity continues to slowly recover from roiled economic conditions, according to the American Institute of Architects (AIA) and Deltek. Read More

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Housing Starts Declined 8% in June

Privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,434,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced, 8.0% below the revised May estimate of 1,559,000 and is 8.1% below the June 2022 rate of 1,561,000. Read More

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Builder Confidence Rose 1 Point to 56 in July

Builder confidence in the market for newly built single-family homes in July posted a one-point gain to 56, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the seventh straight month that builder confidence has increased and marks the highest level since June of last year. Read More