While the small increase in the number of new homes hitting the market in 2023 could seem encouraging, it’s still underwhelming given the current housing shortage and increasing demand, according to Point2, an international real estate search portal, a division of Yardi Systems Inc. Last year, 1,450,000 new homes were made available for buyers and renters in the U.S. This…
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Construction Spending Dips in January; Up Year Over Year
Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2% (±0.8%) below the revised December estimate of $2,105.8 billion, according to the U.S. Census Bureau. The January figure is 11.7% (±1.5%) above the January 2023 estimate of $1,882.2 billion. In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0…
Read MoreNew Home Sales Up at the Start of 2024
Stable mortgage rates at the beginning of 2024 helped new home sales to increase in January. Sales of newly built, single-family homes in January increased 1.5% to a 661,000 seasonally adjusted annual rate from a downwardly revised reading in December, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The…
Read MoreConstruction Starts Up Slightly in January
Total construction starts grew 1% in January to a seasonally adjusted annual rate of $1.16 trillion, according to Dodge Construction Network. Nonbuilding starts rose 9% during the month, while nonresidential building starts fell 2% and residential starts were flat. Highway and bridge starts improved 9%. For the 12 months ending January 2024, total construction starts were down 1% from the…
Read MoreHousing Starts Decline in January on Multifamily Weakness
A sharp decline in multifamily starts pushed overall housing starts down in January even as single-family production showed signs of a gradual improvement later this year as interest rates continue to moderate.
Read MoreAGC of California’s Survey Unveils Industry Outlook for 2024
The Associated General Contractors of California (AGC of California) recently conducted a membership survey revealing feelings of optimism among contractors toward the future of the construction industry. A positive outlook is apparent as respondents anticipate favorable financial performance and recruitment opportunities for their companies in 2024. “The collective optimism of our members is the cornerstone driving the construction industry’s growth.…
Read MoreDodge Momentum Index Remains Flat in January
The Dodge Momentum Index (DMI), issued by Dodge Construction Network (DCN), rose 0.1% in January to 184.1 (2000=100) from the revised December reading of 183.9. Over the month, commercial planning fell 1.0% and institutional planning improved 2.1%. “Divergent trends between commercial and institutional planning continued in January, nullifying any growth on the overall Momentum Index,” stated Sarah Martin, associate director…
Read MoreRailroad Aggregates Volumes Down in January
The Association of American Railroads (AAR) reported U.S. rail volumes for January 2024. U.S. railroads originated 1,025,168 carloads in January 2024, down 7.2%, or 79,725 carloads, from January 2023. U.S. railroads also originated 1,206,014 containers and trailers in January 2024, up 5.5%, or 63,195 units, from the same month last year. Combined U.S. carload and intermodal originations in January 2024…
Read MoreConstruction Spending Rises for Month, Full-Year 2023
Construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9% (± 0.8%) above the revised November estimate of $2,078.3 billion. The December figure is 13.9% (±1.5%) above the December 2022 estimate of $1,840.9 billion.
Read MoreNew Home Sales Bounce Back in December 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…
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