Articles
Single-Family Production Shows Signs of Stirring
Led by larger urban metro markets, single-family growth rates are showing signs of a turnaround as moderating mortgage rates and a lack of existing inventory are contributing to a gradual upward trend, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the fourth quarter of 2023. Meanwhile, new data on overall production in coastal areas shows that single-family home building is holding steady while multifamily is falling. Read More
Dodge Momentum Index Declined 1.4% in February
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, fell 1.4% in February to 180.5 (2000=100) from the revised January reading of 183.0. Over the month, commercial planning fell 2.3% and institutional planning ticked up 0.1%. Read More
Flooring Recovery Depends on Interest Rates
Floor covering demand is highly correlated with interest rate cycles. Interest rate movements affect housing demand, non-residential building construction spending and transportation equipment shipments. Any interest rate decline stimulates flooring sales to households, businesses, builders and transportation equipment manufacturers. Read More
Smaller Homes Trends for Home Buyers
Following a brief uptick in new home sizes in 2021, the average size of a new home continues to inch smaller — dropping from 2,479 square feet in 2022 to 2,411 square feet in 2023, the smallest average size in 13 years — to match home buyer preferences for less square footage. According to NAHB’s latest What Home Buyers Really Want study, home buyers are looking for homes around 2,070 square feet, compared to 2,260 20 years ago. Read More
Lowe's 2023 Sales Declined 11% YOY, Earnings Up 20%
Lowe’s reported net sales for Q4 2023 were $18.6 billion, a 17% decline compared to sales of $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from the additional 53rd week, as well as $958 million generated from Lowe’s Canadian retail business. Read More
Single-Family Starts Will Rise in 2024
While higher interest rates pushed single-family starts down in 2022 and 2023, production should move on a gradual upward path in 2024 as the Federal Reserve is on track to cut rates during the second half of the year with inflation slowing, according to economists speaking at the National Association of Home Builders (NAHB) International Builders’ Show in Las Vegas today. Read More
Port-of-Entry
December continues the calming trend for U.S. hard-surface imports, with the $373.9 million in customs value showing a slight increase – 2.2% -- in a year-over-year comparison. The huge annual and monthly drop-offs look to be over. While last December did trail November, the margin was within a seasonal year-end range of less than 3%. Read More