Housing Headlines
Eye on the Economy
April 7, 2016
Number of Unfilled Construction Jobs Increasing
With the national unemployment rate at low levels, the labor force participation rate becomes an ever more important gauge of labor market conditions. If the size of the U.S. workforce does not grow, then the number of open but unfilled jobs will continue to increase and hinder the growth prospects of several industries, particularly residential construction.
Labor Markets
Construction Job Openings at Cycle High
The count of unfilled jobs in the overall construction sector reached a post-recession high in February.
March Employment Situation – Gains in Labor Force Participation
Jobs report shows continuously strong payroll gains and an uptick in the unemployment rate (but in a good way).
Construction Employment Grows Faster in New England, Pacific
Forty-three states and the District of Columbia experienced positive year-over-year changes in February.
Macroeconomics
Housing's Share of GDP Unchanged in 4th Quarter
The home building and remodeling component of GDP, however, expanded for the fifth consecutive quarter.
Steady Growth for Private Residential Construction Spending
February's annual rate was the highest since November 2007.
GDP Growth in the 4th Quarter Keeps Getting Better
Revised estimates show faster growth of personal consumption expenditures and better exports.
FOMC March Meeting: Expect an April Freeze
Financial turbulence early in the year motivated committee members to freeze funds rates until at least June.
Personal Income Growth Holds Firm
February's increase was mostly driven by the rise in interest income, rental income and personal transfers.
Consumer Confidence Rebounds in March
A surge in job growth gave consumers a boost of economic optimism.
Housing Markets
February's Pending Home Sales Index grew to its highest level in seven months.
NAHB Estimates 55,000 Single-Family Tear-Down Starts in 2015
Tear-down construction has become a significant modus operandi in some parts of the country.
Home Prices Approach Long-Term Trend
Surging sales due to the much-anticipated increase in interest rates put upward pressure on house prices in late 2015.
Property Tax Revenue Grows Nearly 4%
Property owners paid $519 billion in taxes during the four quarters leading up to Q4 2015.