Author: Brad Beckett

Recent analysis from the Associated General Contractors said the construction industry added 11k jobs in September as unemployment rates for the sector remained at historically low levels, prompting contractors to raise pay faster than for other jobs.  In addition, the AGC pointed out that too few future workers are exposed to construction as a career opportunity, despite the fact that the profession pays very well and typically does not require workers to have a college degree. “Construction firms have plenty of projects but a dip in nonresidential employment last month shows how hard it has been to find enough skilled…

Recent analysis from the NAHB’s Eye on Housing says that $132 billion in taxes were paid by property owners in Q2 of 2023.  They point out that in the four quarters ending Q2 2023, state & local governments collected $727 billion of property tax revenue, representing a 7.4% increase over Q2 2022.  In addition, property taxes accounted for 37% of state & local tax receipts in the four quarters ending Q2 2023, up from 35.6% the prior quarter. “The share of property tax receipts among the four major tax revenue sources naturally changes with fluctuations in non-property tax collections. Non-property…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide increased year over year for the 139th consecutive month in August.  In addition they report that the median sales price for a U.S. single-family home was $375k. “While continued mortgage rate increases challenge affordability across U.S. housing markets, home price growth is in line with typical seasonal averages, reflecting strong demand bolstered by a healthy labor market, strong wage growth and supporting demographic trends.”  Said Selma Hepp, chief economist for CoreLogic. Click here to read the full report at CoreLogic.

Realtor.com says retirement is a time for relaxation, for revitalization, for being around friends & loved ones, and for filling your days with the things you love most.  Indeed…  And with that in mind they put pen to paper to come up with their list of 2023’s “Most Affordable Retirement Meccas.” “Some of them you already know, but others are likely less familiar: From the powdered-sugar beaches of Florida to the expansive deserts of Arizona, and even stretching to the lush Pacific Northwest, these places offer plenty of amenities for seniors at prices that won’t deplete their nest eggs….” “Many…

In a recent media release, Redfin says they are taking steps to “end our support of the National Association of Realtors.” The cite as their reasons NAR policies requiring a fee for the buyer’s agent on every listing and a pattern of alleged sexual harassment. Redfin also says it will require their brokers and agents to leave NAR “everywhere we can.” In addition, back in June, Redfin resigned their national board seat at the NAR. “We’ve had many meetings with NAR execs to explore compromises on the policies that would let us continue our support. Since a Redfin-wide initiative to…

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 336k, in September 2023, with the unemployment rate staying the same at 3.8%.  Interestingly, the BLS said government employment increased by 73k, well above the average monthly gain of 47k over the prior 12 months. Click here to read the full report at the Bureau of Labor Statistics.

The U.S. government is reporting that total construction spending in August, 2023 was at a seasonally adjusted annual rate of $1,983.5 billion, which is 0.5% higher than July’s revised estimate and 7.4% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $879.9 billion in August, which is 0.6% higher than July’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The Visual Capitalist says there’s an old saying: everyone thinks that they’re middle-class.  However, they say that many of them are actually in the top 1%.  Citing data from SmartAsset, today’s graphic illustrates hoe much household income is needed in each state to be part of this exclusive club.  As always, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

On a recent episode of CNBC’s Squawk Box, Lawrence Yun, National Association of Realtors chief economist, discussed the impact of skyrocketing mortgage rates on the housing sector and other issues facing the market – including advocating for a capital gains tax rate reduction for “mom & pop” real estate investors. Click here to read more at CNBC.com

Apartment List says their national median rent fell 0.5% to $1,364 – marking the 2nd straight month of negative rent growth.  However they do point out that annual rent growth remains at -1.2 percent, meaning that on average, apartments across the country are 1.2% cheaper today than they were one year ago.  Indeed… “This cooldown is widespread; rents fell month-over-month in September in 85 of the nation’s 100 largest cities, and thanks to sluggish rent growth over the past 12 months, prices are down year-over-year in 71 of these 100 cities. Rent swings are largely driven by the balance between…