Decline in Single-Family Permits in June 2022

2022-08-12T10:17:35-05:00

Over the first six months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 567,798. On a year-over-year (YoY) basis, this is a 3.6% decline over the June 2021 level of 589,146. Year-to-date ending in June, single-family permits declined in all four regions. The South posted a small decline 0.8% while the Northeast region reported the steepest decline of 11.5%. The Midwest declined by 11.2% and the Western region reported a 4.6% decline in single-family permits during this time. Multifamily permits posted increases in all four regions. Permits were 32.3% higher in the Midwest, 22.9% higher in the South, 17.3% higher in the West, and 6.6% higher in the Northeast. Between June 2021 YTD and June 2022 YTD, 11 states saw growth in single-family permits issued. New Mexico recorded the highest growth rate during this time at 38.9% going from 3,061 permits to 4,252. Thirty-nine states and the District of Columbia reported a decline in single-family permits during this time with the District of Columbia posting the steepest decline of 22.7% going from 216 permits to 167. The ten states issuing the highest number of single-family permits combined accounted for 64.2% of the total single-family permits issued. Year-to-date, ending in June 2022, the total number of multifamily permits issued nationwide reached 331,934. This is 20.1% ahead over the June 2021 level of 276,433. Between June 2021 YTD and June 2022 YTD, 36 states and the District of Columbia recorded growth while 14 states recorded a decline in multifamily permits. Georgia led the way with a sharp rise (158.1%) in multifamily permits from 4,296 to 11,088 while Delaware had the largest decline of 74.5% from 667 to 170. The ten states issuing the highest number of multifamily permits combined accounted for 63.4% of the multifamily permits issued. At the local level, below are top ten metro areas that issued the highest number of single-family permits. For multifamily permits, below are the top ten local areas that issued the highest number of permits: Related ‹ Credit for Builders Less Available, Costs MoreTags: home building, multifamily, single-family, state and local markets, state permits

Decline in Single-Family Permits in June 20222022-08-12T10:17:35-05:00

Employment Situation in June: State-Level Analysis

2022-07-25T10:26:05-05:00

Nonfarm payroll employment increased in 38 states in June compared to the previous month while 11 states and the District of Columbia lost jobs. Rhode Island reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 372,000 in June, following a gain of 384,000 jobs in May. On a month-over-month basis, employment data was strong in Texas, which added 82,500 jobs, followed by Tennessee (+32,300), and Florida (+30,600). Eleven states and the District of Columbia lost a total of 44,600 jobs.  In percentage terms, employment in Tennessee increased by 1.0% while West Virginia reported a 1.0% decline between May and June. Year-over-year ending in June, 6.3 million jobs have been recovered, marking the economic rebound from the COVID-19 pandemic induced recession. All the states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 850,600 jobs in California to 5,600 jobs added in Vermont. In percentage terms, Nevada reported the highest increase by 6.6%, while Kansas increased by 1.5% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 25 states reported an increase in June compared to May, while 22 lost construction sector jobs. West Virginia reported no change. Pennsylvania added 4,400 construction jobs while California lost 6,100 jobs. Overall, the construction industry added a net 13,000 jobs in June compared to the previous month. In percentage terms, Oregon increased by 2.4% while Connecticut reported a decline of 2.9% between May and June. Year-over-year, construction sector jobs in the U.S. increased by 292,000, which is a 4.0% increase compared to the June 2021 level. Texas added 50,100 jobs, which was the largest gain of any state, while Kentucky lost 2,200 construction sector jobs. In percentage terms, New Mexico had the highest annual growth rate in the construction sector by 14.0%. Over this period, Kentucky reported a decline of 2.8%. Related ‹ The Share of Wood-Framed Homes Increased in 2021Housing Demand Flattens as 1st-Time Buyers Retreat ›Tags: construction labor, economics, state and local markets, state employment

Employment Situation in June: State-Level Analysis2022-07-25T10:26:05-05:00

Slowdown in Single-Family Permits in May 2022

2022-07-15T09:19:53-05:00

Over the first five months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 473,997. On a year-over-year (YoY) basis, this is a 2.0% decline over the May 2021 level of 483,878. Year-to-date ending in May, single-family permits declined in three out of the four regions. The South posted a moderate increase of 1.0% while the Northeast region reported the steepest decline of 11.7%. The Midwest declined by 11.2% and the Western region reported a 2.2% decline in single-family permits during this time. Multifamily permits posted increases in all four regions. Permits were 39.3% higher in the Midwest, 20.2% higher in the South, 10.9% higher in the West, and 1.8% higher in the Northeast. Between May 2021 YTD and May 2022 YTD, 12 states saw growth in single-family permits issued. New Mexico recorded the highest growth rate during this time at 42.2% going from 2,502 permits to 3,558. Thirty-eight states and the District of Columbia reported a decline in single-family permits during this time with the District of Columbia posting the steepest decline of 25.5% going from 208 permits to 155. The ten states issuing the highest number of single-family permits combined accounted for 64.4% of the total single-family permits issued. Year-to-date, ending in May 2022, the total number of multifamily permits issued nationwide reached 265,751. This is 17.3% ahead over the May 2021 level of 226,634. Between May 2021 YTD and May 2022 YTD, 33 states recorded growth while 17 states and the District of Columbia recorded a decline in multifamily permits. Indiana led the way with a sharp rise (274.6%) in multifamily permits from 1,134 to 4,248 while Delaware had the largest decline of 81.4% from 649 to 121. The ten states issuing the highest number of multifamily permits combined accounted for 62.6% of the multifamily permits issued. At the local level, below are top ten metro areas that issued the highest number of single-family permits. For multifamily permits, below are the top ten local areas that issued the highest number of permits:   Related ‹ Since Pandemic Onset, Lumber Products Have Added $14K to House Price, $51 to RentTags: home building, multifamily, single-family, state and local markets, state permits

Slowdown in Single-Family Permits in May 20222022-07-15T09:19:53-05:00

Employment Situation in May: State-Level Analysis

2022-06-22T09:17:26-05:00

Nonfarm payroll employment increased in 32 states and the District of Columbia in May compared to the previous month while 18 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 390,000 in May, following a gain of 436,000 jobs in April. On a month-over-month basis, employment data was strong in Texas, which added 74,200 jobs, followed by California (+42,900) and New York (+26,800). Eighteen states lost a total of 52,600 jobs.  In percentage terms, employment in West Virginia increased by 1.3% while Alaska reported a 1.4% decline between April and May. Year-over-year ending in May, 6.5 million jobs have been recovered, marking the economic rebound from the COVID-19 pandemic induced recession. All the states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 869,300 jobs in California to 5,400 jobs added in Wyoming. In percentage terms, Nevada reported the highest increase by 7.1%, while Kansas increased by 1.3% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 22 states reported an increase in May compared to April, while 23 lost construction sector jobs. Arizona, Idaho, and South Dakota reported no change. Texas added 10,600 construction jobs while New York lost 5,100 jobs. Overall, the construction industry added a net 36,000 jobs in May compared to the previous month. In percentage terms, Minnesota increased by 3.2% while Wyoming reported a decline of 3.0% between April and May. Year-over-year, construction sector jobs in the U.S. increased by 283,000, which is a 3.8% increase compared to the May 2021 level. Texas added 54,600 jobs, which was the largest gain of any state, while Kentucky lost 2,300 construction sector jobs. In percentage terms, New Mexico had the highest annual growth rate in the construction sector by 12.8%. Over this period, Arkansas reported a decline of 3.6%. Related ‹ Existing Home Sales Slow Again While Prices SurgeTags: construction labor, economics, state and local markets, state employment

Employment Situation in May: State-Level Analysis2022-06-22T09:17:26-05:00

Employment Situation in April: State-Level Analysis

2022-05-23T10:25:07-05:00

Nonfarm payroll employment increased in 41 states and the District of Columbia in April compared to the previous month while eight states lost jobs. North Dakota remained unchanged. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 428,000 in April, following a gain of 428,000 jobs in March. On a month-over-month basis, employment data was strong in Texas, which added 62,800 jobs, followed by Florida (+58,600) and California (+41,400). Eight states lost a total of 11,400 jobs.  In percentage terms, employment in New Hampshire increased by 1.0% while Missouri reported a 0.2% decline between March and April. Year-over-year ending in April, 6.6 million jobs have been recovered, marking the economic rebound from the COVID-19 pandemic induced recession. All the states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 925,200 jobs in California to 6,700 jobs added in Vermont. In percentage terms, Nevada reported the highest increase by 8.0%, while Kansas increased by 1.7% compared to a year ago. Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 26 states reported an increase in April compared to March, while 20 lost construction sector jobs. Alaska and Rhode Island reported no change. Florida added 4,300 construction jobs while California lost 13,200 jobs. Overall, the construction industry added a net 2,000 jobs in April compared to the previous month. In percentage terms, South Dakota increased by 1.5% while Arkansas reported a decline of 2.7% between March and April. Year-over-year, construction sector jobs in the U.S. increased by 235,000, which is a 3.2% increase compared to the April 2021 level. Texas added 36,600 jobs, which was the largest gain of any state, while Pennsylvania, lost 2,500 construction sector jobs. In percentage terms, Wyoming had the highest annual growth rate in the construction sector by 11.5%. Over this period, Kentucky reported a decline of 2.8%. Related ‹ Gains for Custom Home BuildingTags: construction labor, economics, state and local markets, state employment

Employment Situation in April: State-Level Analysis2022-05-23T10:25:07-05:00

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