April 18, 2011
Nation's Building News

The Official Online Newspaper of NAHB

Economics and Finance
Eye on the Economy: Jobs Are Up, But Housing Remains Down

Not much economic data was released early this month, but the housing sector remained depressed even as the economy began to show improvement.

On its face, the employment report for March looked positive — with the unemployment rate inching down and job growth inching up. However, overall labor market conditions have shown relatively little improvement since the official end of the recession.  

With the housing market deeply depressed, private residential construction spending continued to decline in February. Single-family and multifamily construction spending dropped, with housing starts falling substantially in February — hovering only marginally above their record lows. Similarly, home improvement spending — which is closely related to home sales — slumped in February as new-home sales fell to a record low and existing home sales turned down sharply after a three-month rise.

With deficit reduction and tax reform dominating the political debate and policy agenda, now is also an appropriate time to review tax issues related to housing construction and home builders.

Register for Spring Construction Forecast Webinar on April 27

The NAHB Spring Construction Forecast Webinar will provide attendees with up-to-the-minute analysis of the latest housing numbers and market trends right to their desktop. The webinar will be held from 2:00-4:00 p.m. EDT on Wednesday, April 27.

Speakers David Crowe, NAHB chief economist; Mark Zandi, chief economist with Moody's Analytics; and Robert Denk, NAHB’s assistant vice president for forecasting and analysis, will address issues affecting the housing industry and the economy — including competition from short sales and foreclosures, consumers' inability to sell their existing homes, appraisals coming in below construction costs, and restrictive lending conditions for buyers and builders — and how builder confidence and the market may evolve as those factors change.

The fee is $29.95 for NAHB members and home builders associations and $49.95 for non-members.

To Register

For more information and to register, visit www.nahb.org/cfw.

Subscribe to the Free Eye on Housing Blog

For in-depth analysis of the latest housing statistics and research from the federal government, NAHB and other sources, Eye on the Economy readers are encouraged to visit Eye on Housing at http://eyeonhousing.wordpress.com/.

They can also subscribe to the blog’s free RSS feed, which will automatically alert them to every new posting.

Data You Can Build On

Get historical data, industry analysis and the latest forecasts, including state and metro, from HousingEconomics.com. Support your business decisions with in-depth analyses, detailed Excel tables, overviews and more. For more information, visit HousingEconomics.com.


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