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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


Pending Sales Strong

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.