A majority of new homes that completed construction in 2022 included two-car garages (66%), according to NAHB analysis of 2022 Census Bureau Survey of Construction data. There is clear uniformity for parking options in new homes completed across the Census divisions: the 2-car garage was the…
Job growth decelerated in October. Total nonfarm payroll employment increased by 150,000 and the unemployment rate edged up to 3.9% in October from 3.8%. The labor market is cooling. The Fed held interest rates steady for the second meeting in a row at the conclusion…
NAHB analysis of the Survey of Construction (SOC) shows that 70% of all new single-family homes started in 2022 were built on slab foundations, followed by 19% of homes built with a full/partial basement and 10% of homes built with a crawl space. As home…
The Federal Reserve’s monetary policy committee held the federal funds rate at a top target rate of 5.5% at the conclusion of its November meeting. While noting that the Fed was “strongly” committed to reducing inflation to its target rate, this marked the second meeting…
NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 0.6% in September, after a 1.3% increase in August. It stood at a seasonally adjusted annual pace of $872 billion. However, total private residential construction spending is still 2.2% lower compared…
Financial conditions continue to be tight, as the 10-year Treasury rate stands near 4.8% this morning. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth data for the third quarter) is…
