- Housing Affordability Posts Solid Gain but Still Much Lower from a Year Agoby Rose Quint on June 8, 2023
Solid nominal wage gains (unadjusted for inflation) combined with lower mortgage rates and home prices helped to boost housing affordability in the first quarter of 2023, but ongoing building material supply chain issues and expected cooling of wage growth signal ongoing concerns for affordability […]
- Age Distribution of the Construction Labor Forceby Na Zhao on June 7, 2023
The latest labor force statistics from the 2021 American Community Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 13.6% of the US labor force, their share in the construction industry reached only 10.0% in […]
- Single-Family Construction Slowdown Less Pronounced in Lower Density Marketsby Jesse Wade on June 6, 2023
While single-family home building has slowed significantly from pandemic-fueled highs because of higher interest rates and construction costs, the slowdown is less pronounced in lower density markets. On the other hand, multifamily market growth remained strong throughout much of the nation, […]
- The Median Age of the Construction Workforceby Na Zhao on June 5, 2023
NAHB analysis of the most recent 2021 American Community Survey (ACS) data reveals that the median age of construction workers is 42, one year older than a typical worker in the national labor force. Attracting skilled labor is still the primary long-term goal for construction, even though a […]
- U.S. Adds 339,000 Jobs in Mayby Jing Fu on June 2, 2023
Job growth accelerated in May. Total payroll employment rose by 339,000 and the unemployment rate rose to 3.7%. While labor demand remained strong, wage pressures eased from a year ago. In May, wage growth slowed to a 4.3% year-over-year gain, from 4.4% last month, and down 1.6 percentage points […]
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