The Official Online Newspaper of NAHB
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.
Tax Profile of the Construction Sector
Some basic statistics show how construction firms organize for tax purposes and how much revenue they pay to the federal government. Posted: April 11
Property Tax Analysis: State and Metro Areas
New NAHB research finds significant increases in effective property tax rates stemming largely from housing price declines and lagging property tax assessments. Posted: April 7
Are Property Tax Collections Rising or Falling?
Real estate owners paid a growing share of state and local taxes during and after the Great Recession, with their property taxes rising from about 31% of tax collections in 2006 to 37% for 2010. Posted: April 4
The Employment Situation for March — Little Changed
The number of unemployed persons, the unemployment rate and the labor force were little changed in March. Despite a slight decline in the unemployment rate, the government was still shedding jobs, private sector job growth was improving too slowly and a true recovery remained elusive. Posted: April 1
No Surprises — Private Residential Construction Spending Down in February
A marked decline in private residential construction spending in February comes as no surprise, given the recent fall in housing starts and home sales. Posted: April 1
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.
For more information and to register, visit www.nahb.org/cfw.
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/.
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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.