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DataDigest: Construction costs easing for homebuilders

Housing Wire

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. Index values for most construction inputs are down from 2022 but remain above pre-pandemic levels. That could set the backdrop for a slower pace of construction.

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Residential construction jobs slowly return

Housing Wire

The construction sector added a total of 31,000 jobs in November, on par with the two prior months. Specialty contractors showed the largest gains with an increase of 13,000 jobs, while persons employed in construction of buildings, and civil and heavy engineering rose by 10,000 and 8,000 jobs, respectively. While this is a 0.4%

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Residential construction jobs now 7.6% above pre-COVID level

Housing Wire

After a month of very little change in April , the construction sector had a solid month of job growth in May, according to the U.S. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. The post Residential construction jobs now 7.6%

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Job gains exceed expectations in December

Housing Wire

While this is below the job growth in 2021 and 2022, when the economy was rebounding from the sharp job losses in 2020, it is still a much higher pace of job growth than we had before the pandemic,” Bright MLS Chief Economist Lisa Sturtevant said in a statement. With December’s numbers in, a total of 2.7 million jobs were added to the U.S.

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Job growth remained strong in April, unemployment rate unchanged

Housing Wire

In addition, employment in the construction industry is now 21,000 jobs above its pre-pandemic level after the sector added 2,000 jobs. While the number of employees in construction is on the rise, annual growth in average hourly earnings of production and nonsupervisory employees in construction slowed in April from 6.1%

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Stronger than expected job growth raises specter of more Fed hikes

Housing Wire

So far this year, monthly job growth has averaged 392,000, down from an average of 562,000 per month in 2021. Employment in the construction industry was up by 20,000 jobs from October, thanks to large gains in nonresidential building (up 8,200 jobs) and residential specialty trade contractors (up 6,500 jobs).

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Will the Infrastructure Bill Affect the Real Estate Market?

Appraisal Buzz

Construction Sites Will Stay on Schedule. The Infrastructure Investment and Jobs Act — also known as the Bipartisan Infrastructure Bill — passed in November 2021 but will soon affect the country. construction sites. These are a few ways it will affect real estate in the coming months. they won’t make a splash.