The November assessment of home builder sentiment rose to 70, up two points from October, signaling continued growth in confidence.
"Demand for housing is increasing at a consistent pace, driven by job and economic growth, rising homeownership rates and limited housing inventory," said National Association of Home Builders Chief Economist Robert Dietz, per CNBC. "We should see continued upward movement of the single-family housing market as we close out 2017."
Builders had been incredibly optimistic just after the 2016 presidential election, expecting that the new administration would ease regulations, which have been adding to builder costs. Instead, they continue to struggle with a growing labor shortage, as the administration's immigration stance has dissuaded immigrant workers from coming to the U.S.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development