Home Construction: "Modest Reasons to Be Optimistic"
Recent home construction data, with July single-family starts up 13% and the Builder Confidex Index hitting a 10-year high in August, "offer modest reasons to be optimistic, although risks remain", writes NAHB chief economist David Crowe.
The August NAHB/Wells Fargo Housing Market Index continued its slow rise to hit the highest mark since 2006, staying above 50 for the past year. Future and current home sales components are at heights not seen since late 2005, he added.
While that's a good scenario, the industry still isn't hitting on all cylinders.
"Despite their rising levels of confidence, builders continue to face difficulty obtaining lots to build on and labor to build the homes. For example, according to the BLS Job Openings and Labor Turnover Survey and NAHB analysis, the number of open, unfilled construction sector jobs stood at 143,000 in June, only a slight decline from the cycle high set in May." he notes.
Click here to read his full article.
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