Job growth accelerated in May. Total payroll employment rose by 339,000 and the unemployment rate rose to 3.7%. While labor demand remained strong, wage pressures eased from a year ago. In May, wage growth slowed to a 4.3% year-over-year gain, from 4.4% last month, and down 1.6 percentage points from a 5.9% gain in March 2022. Total nonfarm payroll employment… Read More ›

Private residential construction spending inched up 0.5% in April, as spending on multifamily homes increased 0.6%. Private residential construction spending increased for the first time since June 2022 amid elevated mortgage interest rates. However, it is still 9.2% lower compared to a year ago. The total construction monthly increase is largely attributed to more spending on multifamily construction, which rose… Read More ›

Bold modern shapes, simple materials and vast views were on the top of the list for this client’s dream home. Situated on rolling 5 acres, this 3,950-square-foot, three-bedroom, one-story home takes advantages of the panoramic views while respecting the existing trees on the site. Approaching the front entry, one is greeted with a 12-foot cantilevered steel canopy. The foyer—with its glass floor, completely transparent with direct views to the outdoor living and rear yard—is the main corridor connecting the private…

Despite some negative reporting about private builder access to acquisition, development and construction (AD&C) financing, the volume of total outstanding loans posted a gain during the first quarter of 2023, albeit at the slowest growth rate since the end of 2020. Nonetheless, interest rates for these loans have increased as the Fed has raised the federal funds rate. The volume… Read More ›