Incidence of Electrocution Too High in the Construction Industry
Weekly Grind: Cheers to the New Year! New materials, innovative AI tech, and so much more...
How a 130-Year-Old Architecture Firm is Spearheading a Downtown Revitalization Project
Not-So-Good Vibrations: Is Hand-Arm Vibration Syndrome (HAVS) In Your Future?
Causes and Prevention of Cancer in the Construction Industry
Seven Steps to Having Positive Outcomes with Angry Customers
Hand Tools are Making Leaps and Bounds
Risks and Liabilities of Workplace Violence
By Associated Press
August 23, 2016
WASHINGTON (AP) — The Commerce Department reports on July sales of new homes Tuesday at 10 a.m. Eastern.
Economists believe that new-home sales fell just over 2 percent last month to a seasonally adjusted annual rate of 580,000, according to a survey by the data firm FactSet. This would be a pullback from an annual sales rate of 592,000 in June, the highest level since February 2008.
VOLUME PICKS UP: Construction of single-family houses has picked up this year, a sign that builders see more buyers in the months ahead as mortgage rates have held near historic lows and unemployment hovers at a healthy 4.9 percent. Relatively few listings of existing homes on the market have steered more would be-be buyers into newly built houses. Still, sales of new homes still lag the historic pace of roughly 650,000 a year.
A government report released last week showed steady gains in construction for single-family houses. Ground breakings for houses have climbed 10.6 percent year-to-date. This marks a sharp reversal from prior years in the recovery from the Great Recession when a large share of the increase in residential construction came from apartments.
June's median sales price rose 6.1 percent from a year ago to $306,700. Just 4.9 months' supply of new homes is listed for sale, well below this historic average of six months.
Builders continue to be optimistic. The National Association of Home Builders/Wells Fargo builder sentiment index released Monday rose two points to 60 following a downwardly revised reading of 58 in July.
Readings above 50 indicate more builders view sales conditions as good rather than poor.
Low mortgage rates are feeding much of this confidence. Mortgage buyer Freddie Mac said the average 30-year fixed-rate mortgage fell to 3.43 percent last week from 3.98 percent a year ago.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Officials: 60,000 Homes Damaged by Flooding
During ConstructConnect's 2018 Design & Construction Outlook webinar held on November 1, Kermit Baker, chief economist for the American Institute of Architects talked about the year-to-date movemen... Read More
If you're a construction worker, you're most likely working physical labor and it can get hot if you're working under the sun. Here's a guide for h... Read More
As an architectural statement, the campus is a monument both to Apple’s corporate success and centrality to the global tech culture. At 176 acres, ... Read More
August 8, 2016
"Some of the cool things that we're doing on job sites today are with Rovers and the alive platform. Alive is that software platform that glues to... Read More
You have worked hard all year long, so you deserve something extra special. Not sure what you want? Check out our construction-focused gift guide. ... Read More
We’ve compiled a list of our must attend trade-shows for 2018 that will help put yourself in a place that can open doors to your future. From green... Read More
We've selected eight women from all walks of life to ask them one common question: what advice would you give women who want to enter the construct... Read More