Economics

Backward-Looking April Construction Data: Layoffs Surged

Filed in Construction Industry, Economics by on June 9, 2020 0 Comments
Backward-Looking April Construction Data: Layoffs Surged

Backward-looking data from the Job Openings Labor Turnover Survey (JOLTS) detail the sudden stop associated with the coronavirus and its impacts on the construction labor market. The April data show that the layoff rate in the construction sector increased from 7.9% in March to 10.4% in April. This is the highest rate recorded in the history of the JOLTS data, which began at the end of 2001.

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Multifamily Construction Makes Gains in Low Density Markets

Filed in Economics, Housing Trends, Multifamily by on June 9, 2020 0 Comments
Multifamily Construction Makes Gains in Low Density Markets

Over the past year, multifamily residential construction in suburban and rural areas has outpaced expansion in larger metropolitan areas, leading to changes in apartment construction market share. Single-family construction has also exhibited a similar trend, as illustrated in the latest quarterly NAHB Home Building Geography Index.

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U.S. Posts Surprise Job Gains as Unemployment Falls to 13.3% in May

Filed in Construction Industry, Economics by on June 5, 2020 0 Comments
U.S. Posts Surprise Job Gains as Unemployment Falls to 13.3% in May

In a strong signal that the economy may be rebounding from the COVID-19 pandemic, the U.S. unemployment rate posted a surprise decline from 14.7% in April to 13.3% in May as total payroll employment increased by 2.5 million.

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Businesses with PPP Loans Now Eligible for Payroll Tax Deferral

Filed in Capitol Hill, Disaster Response, Economics by on June 5, 2020 0 Comments
Businesses with PPP Loans Now Eligible for Payroll Tax Deferral

President Trump has signed into law the Paycheck Protection Program Flexibility Act, which makes a number of positive changes to the Payroll Protection Program (PPP). Among these changes, business owners who take out a PPP loan and have that loan forgiven are now eligible to delay their payroll tax payments.

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Senate Approves House-Passed PPP Bill

Filed in Capitol Hill, Disaster Response, Economics by on June 4, 2020 8 Comments
Senate Approves House-Passed PPP Bill

By unanimous consent, the Senate on June 3 approved legislation passed by the House last week that will liberalize rules under the Paycheck Protection Program (PPP) to give business owners more time to have the loans forgiven by the U.S. government. President Trump is expected to sign the legislation into law shortly.

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Coronavirus Likely to Add Momentum to Increased Home Building in Smaller Markets

Coronavirus Likely to Add Momentum to Increased Home Building in Smaller Markets

The COVID-19 pandemic is likely to hasten a housing trend already taking place across the nation – residential construction activity that is expanding at a more rapid rate in lower density markets such as smaller cities and rural areas. Multifamily development is also proceeding at a brisk pace in areas where education and health services dominate. These are among the findings of the latest quarterly NAHB Home Building Geography Index (HBGI).

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More Than Half of Builders Used Incentives to Boost Sales in May

Filed in Disaster Response, Economics, Home Building by on June 1, 2020 1 Comment
More Than Half of Builders Used Incentives to Boost Sales in May

The NAHB/Wells Fargo Housing Market Index survey conducted in May 2020 reveals that more than half of single-family builders are using incentives to bolster sales and/or limit cancellations. This is essentially the same share of builders that were providing incentives during normal market conditions in 2003. By contrast the percentage of builders providing sales incentives was far higher during the Great Recession.

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Most Vulnerable Housing Markets

Filed in Construction Industry, Economics by on June 1, 2020 0 Comments
Most Vulnerable Housing Markets

Which housing markets are most vulnerable during this downturn brought on by the COVID-19 pandemic? Based on current unemployment trends brought on by the outbreak, an analysis by the American Community Survey (ACS) sheds light on which states are likely to lag when the housing recovery takes hold.

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Housing Stands Poised to Lead a Recovery

Filed in Disaster Response, Economics by on May 29, 2020 2 Comments
Housing Stands Poised to Lead a Recovery

With one major exception, this week’s housing data showed some signs of stabilization after an effective two-month pause for major portions of the U.S. economy. While most indicators are down year-over-year, there are hints of a rebound in the data, provided businesses can continue to reopen as the virus slows its growth.

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In a Positive Sign, New Home Sales Hold Steady in April

Filed in Economics by on May 26, 2020 2 Comments
In a Positive Sign, New Home Sales Hold Steady in April

In a sign that the housing market is stabilizing in the wake of the COVID-19 pandemic, sales of newly built, single-family homes rose 0.6% to a seasonally adjusted annual rate of 623,000 units in April, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

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