AHF is primed to benefit from strong outlooks in residential repair and remodel spend and new residential housing construction, driven by an aging housing stock, record home equity levels, and a severe inventory shortage from years of underbuilding.
Lansing-East Lansing, Michigan, was named most affordable major housing market and Los Angeles-Long Beach-Glendale, California, was named least affordable major housing market.
Construction employment dipped by 5,000 jobs between December and January even though hourly pay rose at a record pace in the past year, according to an analysis of government data by the Associated General Contractors of America.
The decision by the Occupational Safety & Health Administration to withdraw its emergency temporary standard requiring workers at firms that employ 100 or more people to be vaccinated or tested weekly comes after the Supreme Court signaled its strong support for legal challenges filed by the Associated General Contractors of America and other entities against the measure.
Driven by strong buyer demand and the expectation of higher mortgage rates, new home sales ended the year on a strong note, reaching their highest level since March 2021.
While annual owner improvement and repair spending could reach $430 billion by the second half of 2022, several headwinds may still temper growth expectations this year.
Total construction spending increased in November compared to levels in October and a year earlier, as gains in private residential and nonresidential projects outweighed decreases in public outlays, according to a new analysis of federal construction spending data released by the Associated General Contractors of America.
Construction employment increased in nearly two out of three U.S. metro areas between November 2020 and November 2021, according to an analysis by the Associated General Contractors of America of new government employment data.
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