Eye On Housing
Examining the Spatial Distribution of Rental Housing
With disruption to home construction from the Great Recession and more recently, declining affordability of homeownership, the number of renters in the US has expanded, reaching 109 million in 2017 or 34 percent of the population (up from 89 million and 30 percent in 2007). As renting becomes more common, it is important to examine the types of rental structures... Read More ›
Apartment Construction Took Longer in 2018
The average length of time to complete construction of a multifamily building, after obtaining authorization, is 16.2 months, according to the 2018 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013.   The average time to build multifamily homes varies with the number of units in the building. In 2018,... Read More ›
Existing Home Sales Continue to Strengthen in August
Boosted by low mortgage rates, existing home sales, released by the┬áNational Association of Realtors (NAR), rose to 17-month high in August. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, climbed 1.3% to a seasonally adjusted annual rate of 5.49 million in August, the largest gain since March 2018. On a year-over-year basis, sales were 2.6% up than... Read More ›
Age Distribution of the Construction Labor Force
The latest labor force statistics from the 2018 Current Population Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 12.3% of the US labor force, their share in the construction industry reached only 9% in 2018. Meanwhile, the share of older construction workers ages 55+ increased from less... Read More ›
Fed Lowers Rates in September
The Federal Reserve reduced the key, short-term federal funds rate by 25 basis points to a top rate of 2% at the conclusion of its September Federal Open Market Committee (FOMC) meeting. This was the second cut in 2019, partially reversing a set of increases enacted in 2018. The more dovish stance of the Fed is good for housing and... Read More ›
Feed Fetched by RSS Dog.