According to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey, the U.S. construction industry had 413,000 job openings in December 2022.
The U.S. housing recession will bleed into 2023 as elevated inflation and mortgage rates, coupled with stubbornly high building material construction costs, continue to take a toll on the housing industry and are expected to push the overall economy into a mild recession this year.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending January 27, 2023, U.S. mortgage applications decreased 9.0 percent from one week earlier.
The National Association of Home Builders is reporting that while new U.S. home sales posted a modest gain in December 2022, elevated mortgage rates and higher construction costs continue to hinder housing affordability and put a damper on consumer demand.
According to the Miami Association of Realtors, Miami-Dade County's real estate market sold 31,627 total homes (or 86 transactions per day) in 2022. That's the second all-time sales rate in Miami-Dade County history, behind only the 39,394 homes sold in 2021.
Posted on February 01, 2023