Posts Tagged ‘U.S. Commerce Department’

Consumer Spending Falls for First Time in 12 Months

June 2nd, 2014 Comments off

Following a one percent spike in consumer spending in March, April saw a -0.1 percent decline, the first drop in spending in one year, according to the U.S. Commerce Department, as tells The surge in March marked the largest increase in four years. Consumer spending accounts for 70 percent of all economic activity. While the decline reflects a drop in durable goods purchases such as automobiles and services including heating bills, analysts expect the upward overall movement to continue when May numbers come in. ##

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Growth in New Single-Family Home Sales

October 26th, 2011 Comments off

MHProNews has learned that the U.S. Commerce Department reports newly-built, single-family home sales rose 5.7 percent in September, recording their best growth in five months, to a seasonally-adjusted rate of 313,000 units. “The improved rate of new-home sales in September is on par with NAHB’s forecast for the overall number of sales this year and in keeping with the spotty improvements that our latest builder surveys have highlighted in select markets,” said NAHB Chief Economist David Crowe. “While 313,000 is still an exceptionally low rate of new-home sales by historic standards, it is an encouraging sign of an anticipated broader recovery over the course of next year, and builders have helped the situation by keeping their inventories of homes for sale very lean in areas where there is an oversupply of existing units.” Regionally, the South showed the best new home sales gain at 11.2 percent, and the West had 9.7 percent. Meanwhile, the Midwest declined 12.2 percent, and the Northeast fell 4.2 percent. The 163,000 inventory of new homes for sale in September is a record low, representing a 6.2 month supply at the current pace.

(Graphic credit: NAHB)

NAHB Monthly Survey of Builders Shows Gains

October 19th, 2011 Comments off

The National Association of Home Builders (NAHB) reports that confidence among home builders for single-family dwellings rose four points to 18 on the NAHB/Wells Fargo Housing Market Index (HMI), the largest monthly increase since the tax credit program of April 2010. Based on builders’ perceptions of current home sales and expectations for the next six months, the HMI survey is in its 20th year. A score above 50 indicates more builders consider conditions good rather than poor. NAHB Chief Economist David Crowe says, “It’s worth noting that while some builders have shifted their assessment of market conditions from ‘poor’ to ‘fair,’ relatively few have shifted their assessments from ‘fair’ to ‘good.’ One reason is that builders are facing downward pricing pressures from foreclosed homes at the same time that building materials costs are rising, and this is further squeezing already tight margins.” Regionally, the West scored the best, gaining nine points to 21, that regions best HMI score since Aug. 2007. The Midwest and South each gained four points, while the Northeast was unchanged. In a related development, the U.S. Commerce Department says housing starts rose 15.7 percent in September to a seasonally-adjusted rate of 658,000 units, the largest increase in a year and a half. The increase is due largely to multi-family starts.


Single and Multifamily Housing Starts Spike

July 19th, 2011 Comments off

The National Association of Home Builders (NAHB) says figures released by the U.S. Commerce Department show housing starts for single and multifamily homes increased in June 14.6 percent to a seasonally-adjusted rate of 629,000. Bob Nielsen, chairman of NAHB, called it an encouraging sign, but also noted that lack of construction credit continues to stymy new projects. Single-housing starts were up 9.4 percent, and multifamily starts gained 30.4 percent, the best rate since January. All regions of the country showed improvement. Building permits, considered a measure for the future, increased by 2.5 percent. Multifamily building permits alone jumped 6.9 percent, their highest rate since October 2008.

(image courtesy NAHB)