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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. Index values for December published last week.

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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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Will the Infrastructure Bill Affect the Real Estate Market?

Appraisal Buzz

These are a few ways it will affect real estate in the coming months. Construction Sites Will Stay on Schedule. After months of paperwork and organizing teams, many experts believe the allocated funding will start positively affecting the real estate market. construction sites. they won’t make a splash.

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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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May jobs report complicates things for the Fed

Housing Wire

since March 2022. Even though the pace of layoffs has picked up, many businesses, particularly in transportation, healthcare, and hospitality, continue to have strong demand for workers,” Mike Fratantoni , the Mortgage Bankers Association’s chief economist, said in a statement. The unemployment rate has remained between 3.4%

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Inventory needs to increase to balance housing market: Fed Beige Book

Housing Wire

High inflation has reduced consumers’ purchasing power, which has led to weakened sales and construction across all 12 Federal Reserve districts. Housing markets continued to weaken, with sales and construction declining across [all 12 Federal Reserve] districts,” according to the Federal Reserve Beige Book released on Wednesday.

Inventory 375
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Strong jobs report suggests rate cuts won’t come ‘til summer

Housing Wire

The national unemployment rate ticked up for the first time in four months to 3.9%, its highest level since January 2022, but still below the full employment rate of 4%. Job gains occurred mainly in health care, government, food services, social assistance, transportation and warehousing. month over month to $34.57 and were up 4.3%