The Tile Council of North America, Inc. reported that the U.S. ceramic tile consumption in 2023 was 2.85 billion sq. ft., down 7.3% from the previous year.
Sales of newly built, single-family homes in February edged 0.3% lower to a 662,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
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.
Cost escalation will challenge construction firms, which will need to develop new processes and capabilities to keep costs under control and projects on track.
The National Association of Home Builders (NAHB) released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the fourth quarter, posting a reading of 67, increasing two points compared to the previous quarter.
In a sign that lower mortgage rates continue to boost the housing market, single-family production surpassed the million mark for the second straight month in December.
Builder confidence in the market for newly built single-family homes climbed seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
Falling mortgage rates helped end a four-month decline in builder confidence, and recent economic data signal improving housing conditions heading into 2024.