A lack of existing inventory and stabilizing mortgage rates helped push single-family production up to the highest rate thus far in 2023 even as builders continue to deal with high construction costs, persistent labor shortages and tightening credit conditions for construction loans. Overall housing starts in April increased 2.2% to a seasonally adjusted annual rate of 1.40 million units, according…
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Dodge Momentum Index Declines In April
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, fell 5.1% in April to 180.9 (2000=100) from the revised March reading of 190.6. In April, the commercial component of the DMI fell 8.0%, and the institutional component improved 0.3%. “On par with our expectations, the Dodge Momentum Index continued to recede in April, due to declining economic conditions and…
Read MoreConstruction Spending Rises in March; Highways Up
According to the U.S. Census Bureau, construction spending during March 2023 was estimated at a seasonally adjusted annual rate of $1,834.7 billion, 0.3% (±0.5%) above the revised February estimate of $1,829.6 billion. The March figure is 3.8% (±1.2%) above the March 2022 estimate of $1,768.2 billion. During the first three months of this year, construction spending amounted to $403.3 billion, 4.3% (±1.0%)…
Read MoreMarch New Home Sales Jump
Lower mortgage rates and limited existing inventory helped to push new home sales up in March, even as builders continue to grapple with increased construction costs and material supply disruptions. Sales of newly built, single-family homes in March increased 9.6% to a 683,000 seasonally adjusted annual rate from a downwardly revised reading in February, according to newly released data by…
Read MoreTotal Construction Jumps to Three-Month High in March
Total construction starts increased 19% in March to a seasonally adjusted annual rate of $1.09 trillion, according to Dodge Construction Network. During the month, nonresidential starts rose 33%, nonbuilding starts increased 17%, and residential starts moved 5% higher.
Read MoreSingle-Family Starts Improve in March
Single-family production showed signs of a gradual upturn in March as stabilizing mortgage rates and limited existing inventory helped to offset stubbornly high construction costs, building labor shortages and tightening credit conditions.
Read MoreConstruction Spending Rises in February; Highways Higher
According to the U.S. Census Bureau, construction spending during February 2023 was estimated at a seasonally adjusted annual rate of $1,844.1 billion, 0.1% (±0.7%) below the revised January estimate of $1,845.4 billion.
Read MoreNew Home Sales Remain Relatively Flat in February
Higher mortgage rates and home prices, as well as increased construction costs contributed to lackluster new home sales in February, but signs point to improvement later in the year. Sales of newly built, single-family homes in February increased 1.1% to a 640,000 seasonally adjusted annual rate from a downwardly revised reading in January, according to newly released data by the…
Read MoreTotal Construction Moves Higher in February; Highways Down
Total construction starts rose 6% in February to a seasonally adjusted annual rate of $912.8 billion, according to Dodge Construction Network. During the month, residential and nonresidential building starts rose 11% and 9%, respectively, and nonbuilding starts declined by 5%.
Read MoreSingle-Family Starts Remain Lackluster
Single-family production remained at an anemic pace in February as builders continue to wrestle with elevated mortgage rates, high construction costs and tightening credit conditions that threaten to be exacerbated by recent turmoil in the banking system. Led by gains in apartment construction, overall housing starts in February increased 9.8% to a seasonally adjusted annual rate of 1.45 million units,…
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