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Residential Construction

All articles tagged with #residential construction

Residential Construction Soars, Boosting Housing Market Optimism

Originally Published 2 years ago — by WOLF STREET

Residential construction is gaining momentum as homebuilders and developers adjust to higher mortgage rates. Single-family construction starts in November rose by 6.6% from the previous month, reaching the highest level since April 2022. Homebuilders have been building smaller houses and offering incentives to offset the impact of higher rates. Meanwhile, multifamily construction starts also increased, with November seeing the highest number of starts since July. Despite challenges in certain sectors, the economy has managed to grow at unexpectedly high rates, and a recession, which was anticipated for 2023, has not materialized.

business real-estate homebuilders mortgage-rates multifamily-housing real-estate residential-construction single-family-homes

Construction Job Market Booms Despite Inventory Shortages

Originally Published 2 years ago — by Yahoo Finance

The construction job market is booming, with 23,000 jobs added in June, including 800 in residential construction. This growth reflects the rebound in the new home market and the trend of homeowners upgrading their properties instead of selling. Jobs for residential buildings are up 11% compared to pre-pandemic levels, while employment for nonresidential buildings increased by 1.8%. The lack of existing-home inventory has supported new construction, as homeowners are reluctant to sell and lose their low mortgage rates. However, the construction industry is facing labor shortages and rising material prices, making affordable single-family construction more challenging.

business economy construction economy homeowners inventory-shortages job-market residential-construction