Super Typhoon Yutu and Recovery Efforts in US Territories

One of the strongest storms to hit the U.S. since 1935 struck western U.S. territories Oct. 25, leaving more than 100 injured and one dead, according to KUAM News. Relief efforts continue, now with help from federal funds as a Major Disaster Declaration for Super Typhoon Yutu was confirmed Oct. 27. With such devastating damage, rebuilding efforts w...
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Existing-Home Sales and Housing Starts Fall in September, Decreasing Consistently

Sales continue to fall for previously owned homes in the U.S., and September showed the sixth-straight monthly drop in sales, according to Bloomberg . Sales of these homes have fallen to the lowest level since 2015, and this consistent drop is the longest since 2014. Despite a lack of desire for purchasing older homes, U.S. housing starts also fell...
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September U.S. Housing Starts Take Step Back

U.S. housing starts did not turn out as expected in September, according to the latest release from the Census Bureau and Department of Housing and Urban Development. Privately-owned housing starts staggered slightly from August to a seasonally adjusted rate of 1.201 million in September. Economists surveyed by Reuters expected starts to decline, h...
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Single-Family Residential Permits Soar in Some US Regions, Sharply Decline in Others

Single-family residential permits went up by more than 6% from last August in the U.S. Despite an overall climb in permits, the Northeast saw an overall decline of more than 4%, and the Midwest did not see any change at all. According to the New Residential Construction Survey by the United States Census Bureau, most single-family construction seem...
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Dodge Momentum Index Takes Step Back

Construction spending in the nonresidential sector is taking a hit, according to a leading economic indicator. The Dodge Momentum Index, which has been shown to lead nonresidential building construction spending by one year, is in a bit of a slump following September's 2.6% downturn from August. The index also declined in August after a string of s...
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Construction Costs Continue Climb

Construction costs are on the rise in the near term and not so distant future. According to the latest IHS Markit PEG Engineering and Construction Cost Index, September was the 23rd straight month of cost increases. The index jumped more than three points to 62.1. The materials/equipment and subcontractor labor sub-indexes also showed cost growth c...
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US Pending Home Sales Down, New Home Sales Up in August

While economists anticipated a decline in U.S. pending home sales in August, many were surprised to see the extent at which the sales fell. On Sept. 27, Reuters reported the sale of previously-owned homes dropped 1.8%, compared to the predicted 0.4%, based on the National Association of Realtors' (NAR) Pending Home Sales Index. Pending home sales h...
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Amendment to Pennsylvania Construction Act to Take Effect in October

Only a few weeks remain until Pennsylvania's Contractor and Subcontractor Payment Act (CASPA) changes, shaking up the future of timeliness for construction payments. The new act will affect construction contracts entered into, on or after Oct. 10, 2018. In Pennsylvania, CASPA affects downstream payments on private construction projects. The amendme...
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September Builder Confidence Holds Steady

Growing affordability concerns couldn't keep builder confidence down for single-family homes as the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) held steady throughout September. The index maintained a 67 reading, indicating "firm demand for housing" from Millennials and new homebuyers. According to NAHB Chair...
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Housing Starts Rise in Multi-Family Home Construction

September 19, 2018 U.S. housing starts rose significantly in August for multi-family construction, forecasting a positive outlook for the housing market. Interest rates for home loans have increased, but houses continue to be built more frequently, according to a recent Reuters article. For the month of August, housing starts rose 9.2%, bringing th...
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