With builders continuing to report supply chain problems that are causing construction delays, overall housing starts decreased 4.1%, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Prices of construction materials jumped more than 20 percent from January 2021 to January 2022, according to an analysis of government data by the Associated General Contractors of America.
Builder sentiment continued to slip in February as the industry grapples with ongoing building material production bottlenecks that are raising construction costs and delaying projects.
AHF is primed to benefit from strong outlooks in residential repair and remodel spend and new residential housing construction, driven by an aging housing stock, record home equity levels, and a severe inventory shortage from years of underbuilding.
Lansing-East Lansing, Michigan, was named most affordable major housing market and Los Angeles-Long Beach-Glendale, California, was named least affordable major housing market.
Construction employment dipped by 5,000 jobs between December and January even though hourly pay rose at a record pace in the past year, according to an analysis of government data by the Associated General Contractors of America.