Single-family starts surged in the latest residential construction report from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. At a seasonally adjusted rate of 1.129 million, February had the highest seasonally adjusted rate of single-family starts since since April of 2022.
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A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak, helped push builder sentiment above a key marker in March.
Over the first month of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 75,906. On a year-over-year (YoY) basis, this is an increase of 43.1% over the January 2023 level of 53,062, according to the National Association of Home Builders.
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National Association of Wholesaler-Distributors President and CEO Eric Hoplin issued a statement Tuesday in response to the White House’s 2025 budget proposal, calling the plan a “clear assault on Main Street businesses and the families they sustain.” Hoplin said the budget contains several tax increases on small businesses, including wholesaler-distributors, and “threaten the ability of the industry, which already has tight profit margins, to continue adding jobs, expanding benefits to employees, or reinvesting in local communities.”
Read full statement at NAW
Led by larger urban metro markets, single-family growth rates are showing signs of a turnaround as moderating mortgage rates and a lack of existing inventory are contributing to a gradual upward trend, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the fourth quarter of 2023.
New home sales ticked upward in January, according to the latest Monthly New Residential Sales Report. Released on Monday by the U.S. Census Bureau and the Department of Housing and Urban Development, the latest data indicates that sales of new single‐family houses in January 2024 were at a seasonally adjusted annual rate of 661,000. This is 1.5% above the revised December rate of 651,000.
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While higher interest rates pushed single-family starts down in 2022 and 2023, production should move on a gradual upward path in 2024 as the Federal Reserve is on track to cut rates during the second half of the year with inflation slowing, according to economists speaking at the National Association of Home Builders (NAHB) International Builders’ Show in Las Vegas on Tuesday.
Read more at NAHB
Dramatic year-over-over lumber price deflation is beginning to enter normal territory—at least, single-digit territory. The Producer Price Index shows softwood lumber down 9.0 percent year-over-year unadjusted in January. It was negative 49.3 percent year-over-year in March 2023.
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According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 22,000 single-family built-for-rent (SFBFR) starts during the fourth quarter of 2023. This is more than 29% higher than the fourth quarter of 2022. Over the last four quarters, 75,000 such homes began construction, which is almost a 9% increase compared to the 69,000 estimated SFBFR starts in the four quarter prior to that period.
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Over 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 909,227. On a year-over-year (YoY) basis, this is 6.5% below the December 2022 level of 972,180.
World Millwork Alliance (WMA) 54 TH Annual Convention & Tradeshow will hold its’ premier event at the Memphis Cook Convention Center from September 11-15, 2018. WMA will offer Veterans and Students complimentary access to the exhibit hall during Millwork Career Day on Friday, September 14, 2018 during the show hours of 10:00 a.m. – 3:30 p.m.
WMA welcomes Veterans and Students to explore a career in the millwork industry. Learn from worldwide millwork professionals while viewing the finest millwork products. Meet with industry distributors and manufacturers about the opportunities in a millwork career.
Pre-registration for a name badge is available by completing a WMA Registration Form. Any local Student or Veteran who has pre-registered will pick up their complimentary “Expo – One Day Pass” with a valid student ID or Veteran ID at the WMA registration desk in the Memphis Cook Convention Center.
Veterans must show a Veteran’s Administration (VA) identification card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Students must show a valid Student photo I.D. card to receive an “Expo-One Day Pass” and to gain entrance into the exhibit hall on Friday, September 14, 2018.
Pre-registration is open until August 13, 2018; thereafter, registration is onsite at the WMA registration desk in the Memphis Cook Convention Center.
