According to the ADP National Employment Report for November, 2024, private sector employment increased by 146k jobs and annual pay was up 4.8% year-over-year. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees. “While overall growth for the month was healthy, industry performance was mixed… Manufacturing was the weakest we’ve seen since spring. Financial services and leisure and hospitality were also soft.” Said ADP chief economist Nela Richardson. Click here to read the full report at ADP.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
On a recent episode of the Rental Property Owner & Real Estate Investor Podcast, Brian Hamrick talks with Yamu Camara, who was born and raised in a small village in West Africa where she faced profound loss and hardship from a young age. But her journey from humble beginnings to entrepreneurial success will definitely inspire you. “Today, Yamu is a CDC Data Scientist and real estate investor. She is the proud manager of 59 rental units, including 18 Airbnb spaces and a self-storage facility. As a mentor, she empowers others to navigate real estate investing and achieve financial freedom,…
According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 227k in November, 2024 with the unemployment rate coming in at 4.2%. As always, the BLS says employment in government continued its upward growth trend in November (up 33K) with an average monthly gain of 41k over the past 12 months. Click here to read the full report at the Bureau of Labor Statistics.
The Federal Housing Finance Agency (FHFA) announced their conforming loan limit values (CLLs) for mortgages acquired by Fannie Mae and Freddie Mac (the Enterprises) for 2025. The FHFA says that in most of the US, the 2025 CLL value for one-unit properties will be $806,500, an increase of $39,950 (or 5.2%) from 2024. The Housing and Economic Recovery Act (HERA) requires FHFA to adjust the Enterprises’ baseline CLL value each year to reflect the change in the average U.S. home price. Click here to read more at the FHFA.
The U.S. government is reporting that total construction spending in October, 2024 was at a seasonally adjusted annual rate of $2,174 billion, which is 0.4% higher than September’s revised number. However, October’s revised estimate is 5% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $934 billion in October, which is 1.5% higher than September’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.9% annual increase for September, 2024. Their 10-City Composite increased 5.2% and their 20-City Composite increased 4.6%, year-over-year. “Home price growth stalled in the third quarter, after a steady start to 2024…The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th consecutive all-time high ” Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI). Click here to read the full report at S&P Dow Jones Indices.
This Saturday, December 7th, is the 83rd anniversary of the Japanese attack on Pearl Harbor, Hawaii. On that date, “which will live in infamy,” 2,335 servicemen died in the defense of freedom. The attack plunged America into the Second World War and put us on a course to become the undisputed leader of the Free World. Today’s graphic from the U.S. Navy gives us Pearl Harbor by the numbers and breaks down that fateful day. As always, stay safe and have a Happy Friday!!! “Yesterday, December 7, 1941, a date which will live in infamy, the United States of America…
The National Law Review is reporting that on December 3rd, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction blocking enforcement of the Corporate Transparency Act (CTA). However, they caution that the Court’s order is not a final decision, so businesses should remain cautious and be prepared to comply with the CTA reporting requirements if they are revived as the case proceeds, or if the injunction is lifted. “Uncertainty Regarding Future Enforcement: The Court’s order is not a final decision, so businesses should remain cautious and be prepared to comply with the CTA…
Rental information site Zumper recently released their latest monthly National Rent Report for November, 2024. According to their data, median rent for 1-bedroom apartments was $1534 (same as October) and $1,902 (down 0.4%) for two-bedrooms. Be sure to check out their entire list of the top 100 metro areas. “Our national rent index showing flat to declining monthly rates is a clear sign of a shift into the slow moving season…We anticipate that national rents will continue to see modest declines through the rest of this year and likely into the beginning of next year as well.” Said Zumper…
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices were up 4.3% from Q3 2023 to Q3 2024. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house price growth slowed in the third quarter, continuing a trend that started in the fourth quarter of the previous year…While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated…
