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Housing Starts Jumped 11.8% in November

Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,679,000, 11.8% above the revised October estimate of 1,502,000 and 8.3% above the November 2020 rate of 1,551,000, according to the U.S. Census Bureau. Single‐family housing starts in November were at a rate of 1,173,000; this is 11.3% above the revised October figure of 1,054,000. The November rate for units in buildings with five units or more was 491,000. Read More

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ABI Score Dipped to 51.0 in November but Remained Positive

“The period of elevated billing scores nationally, and across the major regions and construction sectors seems to be winding down for this cycle,” said AIA chief economist, Kermit Baker, Hon. AIA, PhD. “Ongoing external challenges like labor shortages, supply chain disruptions, spiking inflation, and prospects for rising interest rates will likely continue to slow the growth in firm billings in the coming months.” Read More

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Builder Sentiment Rose 1 Point to 84 in December

“The most pressing issue for the housing sector remains lack of inventory,” said NAHB chief economist Robert Dietz. “Building has increased but the industry faces constraints, namely cost/availability of materials, labor and lots. And while 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” Read More

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2.2 Million Construction Workers Needed to Keep Up with Housing Demand

Data analyzed by NAHB shows the job openings rate in construction surged to 5.4% in October, with 410,000 open positions in the sector. This is significantly higher than the 253,000 count recorded a year ago. Read More

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Construction job openings surge to record high

The count of open construction jobs increased to 410,000 unfilled positions in October, the highest measure in the history of the Job Openings and Labor Turnover Survey data from the Bureau of Labor Statistics data series (going back to late 2000). Read More

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Suburban Homebuilding Continues, Higher Density Areas Also Active

The suburban shift for single-family homebuilding, which was precipitated in large part by the onset of the Covid-19 pandemic last year continues. But new data reveals that higher density markets are making a comeback as well, according to the third quarter edition of the NAHB Home Building Geography Index (HBGI). Read More

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NAHB releases third quarter findings

The suburban shift for single-family home buying precipitated in large part by the onset of the COVID-19 pandemic last year continues, but new data reveals that higher density markets are making a comeback as well. In contrast, the market share for multifamily construction shows a significant increase in smaller cities and rural areas while the pace of new permits is easing in larger metropolitan markets. Read More

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Construction Employment Rose YOY in October

Nearly two out of three U.S. metro areas added construction jobs between October 2020 and October 2021, according to an analysis by the Associated General Contractors of America of government employment data. Association officials noted that the job gains would likely have been larger and more widespread if firms weren’t dealing with the twin challenges of supply chain problems and labor shortages. Read More

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Construction Industry Lacks 2.2M Skilled Workers

“The construction industry needs more than 61,000 new hires every month if we are to keep up with both industry growth and the loss of workers either through retirement or simply leaving the sector for good,” said HBI president and CEO Ed Brady. “From 2022 through 2024, this total represents a need for an additional 2.2 million new hires for construction. That’s a staggering number.” Read More

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Pending Home Sales Rose 7.5% in October

The Pending Home Sales Index (PHSI) rose 7.5% to 125.2 in October, according to the National Association of Realtors. Year-over-year, signings fell 1.4%. An index of 100 is equal to the level of contract activity in 2001. Read More