Pent-up demand, moderating interest rates and a lack of existing inventory helped push single-family starts in February to their highest level since April 2022. Overall housing starts increased 10.7% in February to a seasonally adjusted annual rate of 1.52 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The…
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New 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…
Read MoreLack of Resales Boost New Home Sales in September
Sales of newly built, single-family homes in September increased 12.3% to a 759,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in September was up 33.9% from a year ago.It takes 400 tons of aggregates to construct the average…
Read MoreConstruction Spending Ticks Upward; Highways Down Slightly
According to the U.S. Census Bureau, construction spending during June 2023 was estimated at a seasonally adjusted annual rate of $1,938.4 billion, 0.5% (±0.5%) above the revised May estimate of $1,929.6 billion. The June figure is 3.5% (±1.3%) above the June 2022 estimate of $1,873.2 billion. During the first six months of this year, construction spending amounted to $917.4 billion,…
Read MoreHousing Starts Post Solid Gain in May
Limited existing inventory combined with solid demand and improving supply chains helped push single-family starts to an 11-month high in May. Overall housing starts in May increased 21.7% to a seasonally adjusted annual rate of 1.63 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. It takes 400 tons…
Read MoreConstruction Spending Up Year-Over-Year
According to the U.S. Census Bureau, construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% (±0.7%) below the revised December estimate of $1,827.5 billion. The January figure is 5.7% (±1.2%) above the January 2022 estimate of $1,726.6 billion. In January, the estimated seasonally adjusted annual rate of public construction spending was $383.1…
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