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Construction Industry Added 11,000 Jobs in January

The construction industry added 11,000 jobs on net in January, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 216,000 jobs, an increase of 2.7%. Read More

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Consumer Sentiment Rose 13.3% to 79 in January

Consumer sentiment rose to 79.0 in January, a 13.3% increase from December, according to final results from the University of Michigan Survey of Consumers. This represents a 21.7% increase year over year. Read More

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Fed Still Debating Timing on Rate Cuts

"The Federal Reserve signaled it was thinking about when to lower interest rates but hinted a cut wasn’t imminent when it held rates steady at its first policy meeting of the year on Wednesday,” reports the Wall Street Journal. Read More

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Construction Worker Shortage Estimated at 501,000

The construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring in 2024 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors Read More

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Recession Scuttled by Strong Consumer Spending

"The recession never showed up in 2023. Consumers made sure of it,” reports the Wall Street Journal. “The U.S. economy grew 3.1% over the past year, the Commerce Department said Thursday. A resilient labor market supported strong consumer spending and brushed aside a feared downturn. A year ago economists saw a recession as very likely and projected anemic 0.2% growth for the year. Instead, last year’s gain was a sharp pickup from a comparable 0.7% advance in 2022. Read More

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New Home Sales Bounce Back on Lower Mortgage Rates

Falling interest rates in the closing weeks of 2023 helped to bring buyers off the sidelines and provide a boost for new home sales. Sales of newly built, single-family homes in December increased 8.0% to a 664,000 seasonally adjusted annual rate from an upwardly revised reading in November, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in December is up 4.4% from a year earlier. Read More

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BEA News: Personal Income and Outlays, December 2023

Personal income increased $60.0 billion (0.3 percent at a monthly rate) in December. Disposable personal income (DPI)—personal income less personal current taxes—increased $51.8 billion (0.3 percent). Read More

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BEA News: Gross Domestic Product, Fourth Quarter and Year 2023 (Advance Estimate)

Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023, according to the "advance" estimate. Read More

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Dec. Housing Starts Declined 4.3% from Nov., But Rose 7.6% YOY

Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000, 4.3% below the revised November estimate of 1,525,000 but 7.6% above the December 2022 rate of 1,357,000, according to the U.S. Census Bureau. Single‐family housing starts in December were at a rate of 1,027,000; this is 8.6% below the revised November figure of 1,124,000. The December rate for units in buildings with five units or more was 417,000. Read More

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Housing Market in Recovery Mode, Says ITR's Lokar

The housing market hit a recession in mid-2022 and has already started to recover, said Connor Lokar of ITR Economics, during his talk to CCA Global members at the group’s ConnecXtion conference in Dallas, Texas. Read More