Retail sales bounced back in April, showing both month-over-month and year-over-year growth while facing the challenges of bringing inflation under control, the National Retail Federation said today.
A lack of existing inventory and stabilizing mortgage rates helped push single-family production up to the highest rate thus far in 2023 even as builders continue to deal with high construction costs, persistent labor shortages and tightening credit conditions for construction loans.
The Home Depot President and CEO Ted Decker reported that sales for the quarter were below expectations primarily driven by lumber deflation and unfavorable weather.
Limited existing inventory, which has put a renewed emphasis on new construction, resulted in a solid gain for builder confidence in May even as the industry continues to face several challenges, including building material supply chain disruptions and tightening credit conditions for construction loans.
U.S. households saw homeowners and families embark on a wide variety of renovations and remodeling projects over the past year, according to a joint study from the National Association of Realtors and the National Association of the Remodeling Industry.
More than a third of homeowners want to replace or refinish their flooring, but inflation is impacting their desire to undertake home improvement projects, according to a recent survey by Discover Home Loans.
Thedata indicates greatly diminished pricing power among wholesalers and others, according to Associated Builders and Contractors Chief Economist Anirban Basu.
National nonresidential construction spending increased 0.4% in February, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $982.2 billion for the month.