Robert Dietz
Chief Economist at Eye On Housing (NAHB)
Chief Economist, National Association of Home Builders (@nahbhome). Former Joint Committee on Taxation economist.
Articles
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3 weeks ago |
eyeonhousing.org | Robert Dietz
After a period of slowing associated with declines for some elements of the residential construction industry, the count of open construction sector jobs remained lower than a year ago, per the February Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The number of open jobs for the overall economy declined from 7.76 million in January to 7.57 million in February.
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1 month ago |
eyeonhousing.org | Robert Dietz |Jing Fu
A slight decline in mortgage rates and limited existing inventory helped new home sales to edge higher in February even as housing affordability challenges continue to act as a strong headwind on the market. Sales of newly built, single-family homes in February increased 1.8% to a 676,000 seasonally adjusted annual rate from a revised January number, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
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1 month ago |
eyeonhousing.org | Robert Dietz |Eric Lynch
In a widely anticipated move, the Federal Reserve remained on pause with respect to rate cuts at the conclusion of its March meeting, maintaining the federal funds rate in the 4.25% to 4.5% range. While the central bank acknowledged that the economy remains solid, it emphasized a data- and policy-dependent approach to future monetary policy decisions due to increased uncertainty.
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1 month ago |
eyeonhousing.org | Jing Fu |Robert Dietz
Limited existing inventory helped single-family starts to post a solid gain in February, but builders are still grappling with elevated construction costs stemming from tariff issues and persistent shortages related to buildable lots and labor. Overall housing starts increased 11.2% in February to a seasonally adjusted annual rate of 1.50 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
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1 month ago |
eyeonhousing.org | Natalia Siniavskaia |Robert Dietz |Jing Fu
As the number of housing units under construction peaked in 2023, the industry set another record employing close to 11.4 million people, including self-employed workers. NAHB estimates that out of this total, 4.7 million people worked in residential construction, accounting for 2.9% of the U.S. employed civilian labor force.
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New single-family home sales end 2024 up 2.5% compared to 2023. Total home inventory - new plus resale - made up about a 4 months' supply at the end of 2024, below the 6 measure typically considered balanced. https://t.co/BZgjbzN9YK
Single-family starts ended 2024 up 6.5%. The number of single-family homes under construction is down 5.3% from Dec 2023. The number of apartments under construction is down 21% from Dec 23. Missing middle multifamily (2 to 4 unit) up more than 40% in `24. https://t.co/rR74upRgIV
Builder confidence up slightly in January with countervailing positive and negative risks ahead: https://t.co/VBKTS56jx7