Polyglass’ Roof Underlayment is Fire-Resistant and Self-Adhering

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    [post_date] => 2024-12-16 08:18:44
    [post_date_gmt] => 2024-12-16 15:18:44
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In the first ten months of 2024, the total number of single-family permits issued year-to-date (YTD) nationally was 846,446. 

On a year-over-year (YoY) basis, this is a 9.4% growth from the October 2023 level of 773,526.



Single-family permits increased year to date through October in all four regions. The permit hikes ranged from 13.6% in the west to 7.2% in the south. 

During this time, single-family permit numbers increased by 12.4% in the Midwest and 10.8% in the Northeast. Three of the four regions reported declines in multifamily permits. 

The Northeast, led by New York, was the only region to see an increase, rising by 26.6%. Meanwhile, the West decreased by 30.1%, the South by 21.4%, and the Midwest by 5.0%.

Between October 2024 and October 2023, 46 states saw an increase in single-family permits. 

The increases ranged from 33.0% in Montana to 0.7% in Florida. New Mexico (-1.3%), the District of Columbia (1.4%), New Hampshire (-2.6%), Alaska (-4.4%), and Hawaii (-5.2%) all reported a decrease in single-family permits. The 10 states that provided the most single-family permits combined for 62.9% of the total number of permits issued. 

Texas, the state with the most single-family permits, issued 136,374 permits in the first ten months of 2024, a 9.7% increase over the same time previous year. 

The second highest state, Florida, increased by 0.7%, while the third highest, North Carolina, rose by 7.9%.



The total number of multifamily permits issued countrywide from January to October was 403,422. This is 16.2% lower than the October 2023 level of 481,612.

From October 2024 to October 2023, 19 states saw an increase in multifamily permits, while 31 states and the District of Columbia saw a decrease. Rhode Island (+143.5%) led the way, with a high increase in multifamily permits from 322 to 784, while Idaho experienced the largest decline of 56.6%, from 4,899 to 2,126. 

The 10 states that issued the most multifamily permits combined to account for 62.9% of all multifamily permits issued. Texas, the state with the most multifamily permits issued in 2024, saw a 24.6% decrease in the first 10 months. 

Following closely, Florida, the second-highest state in multifamily permits, experienced a 26.4% drop. 

California, the third-largest multifamily issuing state, fell by 31.2%.



At the local level, the top ten metropolitan areas that issued the most single-family permits are listed below.



The top ten local areas issuing the most multifamily permits are listed below.



[Read more about this topic on Eyeonhousing.org]






    [post_title] => Single-family permits rise October 2024
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WP_Post Object
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    [post_date] => 2024-12-12 20:50:00
    [post_date_gmt] => 2024-12-13 03:50:00
    [post_content] => 
According to the U.S. Bureau of Labor Statistics' most current Producer Price Index (PPI) data, prices for inputs to new residential construction—excluding capital investment, labor, and imports—remained steady in November. 

In November, this indicator increased by 0.7% over the previous year, following a 0.3% increase in October.

The new residential construction price index has two components: commodities and services. The products component rose 1.2% year on year, while services fell 0.3%. 

In November, the total final demand index rose 3.0% year on year, with final demand for commodities rising 1.1% and final demand for services rising 3.9%.



The Goods

The goods component represents approximately 60% of the total residential building inputs price index. The price of input commodities for new home building remained constant in November from October. 

The input goods to residential building index can be further divided into two independent components, one measuring energy inputs and the other measuring goods minus energy inputs. 

The latter of the two components essentially indicates building materials used in residential construction, which accounts for around 93% of the goods index.

Prices for residential construction inputs, excluding electricity, rose 2.3% in November compared to the previous year. This year-over-year growth was higher than in October (2.0%) and the greatest since June of this year. The growth rate for November 2023 was 1.2%. 

In November, the index for residential construction energy inputs declined 10.9% year on year, marking the fourth consecutive annual decline in input energy prices. 



The graph below depicts data for household goods inputs since January 1, 2023. Energy costs have been falling for the past year, with only two periods of rise in 2024.




At the individual commodity level, excluding energy, the five most important building materials for the new residential construction index were ready-mix concrete, general millwork, paving mixtures/blocks, sheet metal products, and wood office furniture/store fixtures. 

Prices for these items increased across the board compared to the previous year. Ready-mix concrete increased by 3.9%, wood office furniture and store fittings by 3.4%, general millwork by 2.8%, paving mixtures and blocks by 1.6%, and sheet metal items by 0.5%. 

Unsurprisingly, considering how energy costs have trended this year, the input commodity with the greatest price drop during the year was No. 2 diesel, which fell by 20.6%.



The most important lumber and wood products for new residential construction were general millwork, prefabricated structural components, softwood veneer/plywood, softwood lumber (not edge worked), and hardwood veneer/plywood. 

The input commodity in residential construction with the biggest year-over-year percent rise (across all input commodities) in November was softwood lumber (not edge worked), which increased 13.7% from November 2023. 

This is particularly noteworthy because none of the other top wood commodities experienced a year-over-year shift greater than 3% in November. 

Lumber supplies have pushed prices upward over the last month as the sawmill industry adjusts to the mill closures earlier this year. 

Higher timber demand as home building recovers owing to reduced loan rates is expected to drive up lumber prices.



The Services

In November, the prices of inputs for residential construction services were constant from October. The price index for service inputs to residential construction is divided into three categories: trade services, transportation and warehousing services, and services excluding trade, transportation, and warehousing. 

The most major component is trade services (about 60%), followed by services other than trade, transportation, and warehousing (approximately 29%), and finally transportation and warehousing services (around 11%). 

Trade services, the largest component, fell 1.2% in November compared to last year, following a 1.5% decline in October.

 

[Read more about this topic on Eyeonhousing.org]

    [post_title] => Building Materials and Lumber Prices Rise in November
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WP_Post Object
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    [ID] => 8681
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    [post_date] => 2024-12-11 20:25:27
    [post_date_gmt] => 2024-12-12 03:25:27
    [post_content] => 
Inflation rose to 2.7% in November, meeting predictions, but the last stretch to the Fed's 2% objective becomes the most difficult. 

Shelter expenses continued to be the primary driver of inflation, accounting for over 40% of the monthly increase. 

However, the shelter index's year-over-year change remained below 5% for the third consecutive month and reported its lowest annual gain since February 2022, indicating that housing inflation has moderated.

While the Fed's interest rate decreases may alleviate some of the pressure on the housing market, their capacity to address growing housing costs is limited, given these increases are driven by a lack of affordable supply and rising development costs. 

In effect, tight monetary policy reduces housing supply by increasing the cost of AD&C financing. 

This is evident in the graph below, as shelter costs continue to climb at a rapid pace despite Fed policy tightening. Increased housing supply is the major solution to reducing housing inflation.

Furthermore, the election result has brought inflation back into focus and introduced some downside risks to the economic outlook. 

Proposed tax cuts and tariffs may raise inflationary pressures, implying a more gradual easing cycle with a slightly higher terminal federal funds rate. 

Given the housing market's sensitivity to interest rates, this might exacerbate the affordability crisis and limit housing supply as builders cope with ongoing supply chain challenges.

According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 2.7% in November over the previous year, on a non-seasonally adjusted basis. This followed a 2.6% increase year on year in October. 

Excluding the volatile food and energy components, the "core" CPI climbed by 3.3% over the previous twelve months, matching the increase seen in the previous two months. The food component index increased by 2.4%, while the energy component index declined by 3.2%.



On a monthly basis, the CPI increased by 0.3% in November, seasonally adjusted, following a 0.2% increase in October. The "core" CPI grew by 0.3% in November, matching the gain seen in the previous three months.

In November, the price index for a broad range of energy sources increased by 0.2%, with losses in electricity (-0.4%) offset by increases in gasoline (+0.6%), natural gas (+1.0%), and fuel oil (+0.6%). Meanwhile, the food index increased 0.4%, following a 0.2% rise in October. 

The index for food away from home rose by 0.3%, while the index for food at home climbed by 0.5%.

The shelter index (+0.3%) contributed the most to the monthly increase in the overall index, accounting for approximately 40% of the entire increase. 

Other major contributions that increased in November include used car and truck indices (+2.0%), domestic furnishings and operations (+0.6%), medical care (+0.3%), and new vehicles (+0.6%). 

Meanwhile, the communication index (-1.0%) was one of the few significant indicators that fell over the month.

The shelter index, which accounts for more than 40% of the "core" CPI, increased by 0.3% in November, following a 0.4% rise in October. 

Both the owners' equivalent rent (OER) and rent of primary residence (RPR) indices rose by 0.2% this month. The rent index showed the smallest monthly increase between April and July 2021. 

Despite the reduction, shelter expenses remained the most significant contributors to headline inflation.



The NAHB creates a "real" rent index to determine whether rent inflation is faster or slower than overall inflation. 

It gives information on the availability and demand for rental homes. When rent inflation exceeds general inflation, the actual rent index increases, and vice versa. 

The real rent index is determined by dividing the rental price index by the core CPI (which excludes the volatile food and energy components).

In November, the Real Rent Index decreased 0.1%, marking the first negative reading since December 2021. 

Over the first eleven months of 2024, the Real Rent Index's monthly growth rate averaged 0.1%, less than the 0.2% average in 2023.



[Read more about this topic on Eyeonhousing.org]


    [post_title] => Inflation Sticks Despite Lower Housing Costs
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    [post_modified] => 2024-12-16 08:31:14
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