The U.S. Census Bureau on Thursday reported that total U.S. construction spending was at a seasonally adjusted annual rate of approximately $1.79 trillion in October, a decrease of 0.3% from September's revised figure of $1.8 trillion.Total spending was 9/2% higher than what the Census Bureau reported for October 2021. Spending from January through October of 2022 totaled almost $1.51 trillion, 10.8% higher than the same period in 2021.Total
UK-based construction productivity startup adds new tool for daily site decisions Disperse.io, a U.K.-based construction technology company with a platform that uses artificial intelligence to help project managers track work, capture data from building sites and make better project decisions, has launched a new product, Impulse, that highlights issues gleaned from 360° site scans captured in its platform.Impulse integrates performance insights
Builders have become more eager to offer prospective home buyers incentives— including more affordable rate buy-downs, reduced closing costs and free amenities—as mortgage rates soared to a 22-year high last quarter and more homes emerged on the market.KEY FACTS Ryan Marshall, president and CEO of home construction company PulteGroup Inc., said during a second-quarter earnings call that a majority of incentives offered are longer-
A measure of US homebuilder sentiment dropped for a 10th straight month in October, hitting the lowest level since the early days of the pandemic and illustrating a housing market battered by soaring mortgage rates.The National Association of Home Builders/Wells Fargo gauge decreased 8 points to 38, the weakest since May 2020, figures showed Tuesday. The gauge was weaker than the most pessimistic forecast in a Bloomberg survey of economists.Senti
Yahoo Finance reporter Ines Ferre looks at the price action for lumber, which is down 64% year to date. Video Link https://finance.yahoo.com/video/lumber-prices-drop-back-pre-192124858.htmlVideo Transcript RACHELLE AKUFFO: Now lumber prices are rebounding today from a 2022 low. Ines Ferre has more on the price action of the essential building material. So for more, we turn to Yahoo Finance's Ines Ferre. Ines, what are you seeing now?INES FER
In another sign of a reversal of fortune for homebuilders, new-home sales in July tumbled to their slowest pace in six years. Just a year ago, homebuilders were overflowing with new contracts and, at times, raffling off their few remaining lots to wait-listed buyers. But since then, buyer traffic has slowed significantly as costs have soared. Rising mortgage rates and high inflation have crashed the homebuilding party.New-home sales in July reach
The rise of 3D-printed houses will change the way we approach real estate and architecture. Here’s what you need to know about 3D-printed houses as the concept hits the mainstream housing market. No longer a far-off or theoretical concept, 3D-printed houses are set to cause a shift in the 21st century real estate market. With several 3D-printed-house manufacturers already operating around the world, these new residential structures wi
Rising costs are dampening buyers’ appetite for new homes, data shows. Builders are growing concerned that demand for new homes is leveling off, and they’re slowing production out of fear that too many buyers have been priced out of the market. Single-family construction in June dropped to its lowest level since April 2020, when the COVID-19 pandemic was just beginning, the Census Bureau reported Tuesday. Further, housing permits—a gauge of
They’ve jumped 42% over the last three years, data shows. What are builders doing to bring some relief to the market? Inflation is pushing up homebuilding costs at an unprecedented rate, according to Bank of America’s Who Builds the House? report. Supply-chain disruptions and labor shortages are adding pressure to rising prices.The average cost for materials to build a single-family home jumped 42% from 2018 to 2021, adding thousands of dolla
Surging mortgage rates have finally cooled off the housing market. The cooldown, though, is coming unevenly, accentuating differences between the existing home market and new construction.The supply of existing homes, while still below normal, is surging as sales decline. Homebuilder stocks have slumped. Investors were braced for the worst when two major homebuilders last week reported quarterly earnings — along with their market outlook.Instea
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