Price increases for select materials

Further price increases for paving materials may be in the offing. Following Martin Marietta Materials (MLM)’s fourth-quarter conference call, investment analyst Thompson Research Group reported on Thursday, “2023 guide on [aggregates] pricing is for 13-15% off of strong carryover and January 1 price increases...

Decline in housing starts

Housing starts (units) in January declined 4.3% at a seasonally adjusted annual rate from the December rate and 21% y/y, the Census Bureau reported on Thursday. Single-family starts decreased 4.3% for the month 27% y/y. Multifamily (five or more units) starts slid 5.4% and 8.4%, respectively...

Increase in multifamily building permits

The number of multifamily building permits increased 9.9% from 2021 to 2022, as “35 states and the District of Columbia recorded growth, while 15 states recorded a decline,” the National Association of Home Builders (NAHB) posted on Tuesday...

Foreign-born workers in construction

The share of foreign-born workers in construction in 2021 “stayed at 24% of the construction workforce, slightly below the 2016 record high share of 24.4% but on a par with the 2019 pre-pandemic reading,” according to an analysis of Census’s 2021 American Community Survey that NAHB posted on Wednesday...