New Home Sales Up in January

Declining mortgage rates and home prices in January, coupled with home builders use of sales incentives, helped boost new home sales last month. Sales of newly built, single-family homes in January increased 7.2% to a 670,000 seasonally adjusted annual rate from an upwardly revised reading in December, according to newly released data by the U.S. Department of Housing and Urban…

Read More

Total Construction Starts Fall in January; Highways Up.

Total construction starts fell 27% in January to a seasonally adjusted annual rate of $865.6 billion, according to Dodge Construction Network. During the month, nonresidential building starts fell 38%, residential starts lost 20%, and nonbuilding starts declined by 16%. Highway and bridge starts rose 1%.  Comparatively, total construction was 14% lower in January 2023 than in January 2022. Nonresidential building…

Read More

January Housing Starts Decrease 4.5%

Although rising builder sentiment indicates a turning point for housing later this year, lackluster single-family production in January is a sign that the housing sector faces further challenges, as elevated mortgage rates and high construction costs continue to put a damper on the market. Overall housing starts decreased 4.5% to a seasonally adjusted annual rate of 1.31 million units, according…

Read More

New Home Sales Increase 2.3%

While new home sales posted a modest gain in December, elevated mortgage rates and higher construction costs continue to hinder housing affordability and put a damper on consumer demand. Sales of newly built, single-family homes in December increased 2.3% to a 616,000 seasonally adjusted annual rate from a downwardly revised reading in November, according to newly released data by the…

Read More

Total Construction Starts Increase in December

Total construction starts jumped 27% in December to a seasonally adjusted annual rate of $1.185 trillion, according to Dodge Construction Network. During the month, nonresidential building starts increased 51%, nonbuilding starts increased 30%, and residential starts rose less than one percent. Across 2022, total construction starts were 15% higher than in 2021. Nonresidential building starts rose 38% over the year,…

Read More

Single-Family Starts Edge Higher as Multifamily Production Weakens

Single-family housing starts posted a double-digit percentage gain in December, but production is running well below a rate of 1 million units annually, indicating ongoing weakness in the housing market as high construction costs and elevated interest rates continue to present affordability challenges. It takes 400 tons of aggregates to construct the average modern home, according to the National Stone,…

Read More

Dodge Momentum Index Wraps up 2022 with December Growth

The Dodge Momentum Index (DMI), issued by Dodge Construction Network, improved 6.6% (2000=100) in December to 222.2 from the revised November reading of 208.3. In December, the commercial component of the DMI rose 8.4%, and the institutional component ticked up 2.7%. “One of the key construction storylines for 2022 was the return of enthusiasm and optimism in prospects for nonresidential…

Read More

Construction Spending Up Slightly for Month; Significantly for Year

According to the U.S. Census Bureau, construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2% (±0.8%) above the revised October estimate of $1,803.2 billion. The November figure is 8.5% (±1.3%) above the November 2021 estimate of $1,665.2 billion. 

Read More
1 7 8 9 10 11 22