Micah Garrett’s Post

Wood framing remains the most dominant construction method for completed single-family homes in the U.S., according to NAHB analysis of 2023 Census Bureau data. For 2023 completions, 93% of new homes were wood-framed, another 7% were concrete-framed homes, and less than half a percent were steel-framed. https://lnkd.in/esKYYmUm

Ready Frame will be huge in the next couple years

Multifamily construction spending slide continues The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was up 0.16 percent from the revised level of the month before. Spending on single-family residential construction was reported to rise 0.79 percent while spending on improvements was up 2.7 percent. Read More>>> https://buff.ly/41kBlg2 #Insulation #ConstructionNews #CommercialInsulation #MultiFamilyConstruction #ApartmentConstruction

Wood framing remains the most dominant construction method for completed single-family homes in the U.S., according to NAHB analysis of 2023 Census Bureau data. For 2023 completions, 93% of new homes were wood-framed, another 7% were concrete-framed homes, and less than half a percent were steel-framed. https://lnkd.in/esKYYmUm

Multifamily construction spending slide continues The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was up 0.16 percent from the revised level of the month before. Spending on single-family residential construction was reported to rise 0.79 percent while spending on improvements was up 2.7 percent. Read More>>> https://buff.ly/41kBlg2 #Insulation #ConstructionNews #CommercialInsulation #MultiFamilyConstruction #ApartmentConstruction

The U.S. Census Bureau released their August 2024 New Residential Construction data, which revealed construction starts declining and completions elevating. Here are some additional findings:   - Multifamily Starts (5+ units): The Seasonally Adjusted Annual Rate (“SAAR”) of starts was 333K, down 45% from its peak in April 2022.   - Completions: August 2024 saw the highest completions in the past decade at a SAAR of 740K units, more than double the ten-year average of 366K units.   - Units Under Construction: Peaked in July 2023 at a SAAR of 1,004,000 units. As of August 2024, this is down 15% to 850K units. The ten-year average is 682K.   Learn more: https://lnkd.in/eCCmG8Mn.   #ConstructionStarts #USCensus #ResidentalConstruction #Multifamily

New residential construction continued its sluggish trend as indicated by U.S. Census Bureau data. In line with national data, in May 2024, building permits were 6.6% below the April 2024 and May 2023 rates. Single‐family building permits were at a rate of 573,000; this is 2.7% below the April 2024 levels—but 3.4% higher than a year ago. Similarly, the annual rate of new housing unit constructions started in the South were 8.5% lower than their April 2024 levels and 16.1% lower than the May 2023 levels. Within that, single-family housing unit construction levels were lower than April and last year. bit.ly/4ccLsG6 #VirginiaREALTORS

Year-over-year gains for townhouse construction continued at the start of 2024 as demand for medium-density housing continues to be strong. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the first quarter of 2024, single-family attached starts totaled 42,000, which is 45% higher than the first quarter of 2023. #mortgagebrokers #mortgagelending #realtors https://lnkd.in/gJGjz5MG

April 16, 2024 ‐ The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for March 2024: Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,321,000. This is 14.7 percent below the revised February estimate of 1,549,000 and is 4.3 percent below the March 2023 rate of 1,380,000. Single‐family housing starts in March were at a rate of 1,022,000; this is 12.4 percent below the revised February figure of 1,167,000. The March rate for units in buildings with five units or more was 290,000. #CapitalFundingNW #TheFundingMachine #housing #residential #interestrates #construction

Total construction and multifamily spending increased YOY in April. The latest report by the Census Bureau notes that total construction spending dipped -0.1% in April, month-over-month, but jumped +10% YOY. Total private residential construction spending increased +0.1% month-over-month, coming in at a seasonally adjusted annual rate of $890.4 billion in April. On a YOY basis, the metric increased +8.0% YOY. New SFR construction led with +0.1 over March and 20.4% YOY. New multifamily spending dipped -0.3% month-over-month, but increased +2.3% YOY. Data Source: U.S. Census Bureau #Capstone #LandSales #CRE #Multifamily