Browse reports prepared by our research team on the construction industry. We use data from the U.S. Census Bureau and the Bureau of Labor Statistics, among other sources, to provide readers with up-to-date data and statistics relevant to the construction industry.
In this new analysis, we identify which U.S. states are investing most in manufactured housing to see how the popularity of manufactured housing has changed over time and how its costs compare to traditional single-family homes.
Refinancing a mortgage can help reduce monthly payments or provide some much needed liquidity, but the proportion of households that refinance their mortgage varies considerably across the country. Our researchers ranked U.S. states and metros according to the number of mortgage refinances originated in 2023 per 1,000 households with a mortgage.
The estimated monthly mortgage payment for a median-priced U.S. home is nearly 60% higher today than it was just three years ago. These are the states and metros who have been most impacted by high interest rates.
A growing number of Americans are opting to age in place or downsize—creating even more competition for younger buyers in an already challenging post-pandemic real estate market. While buyers over 55 years old account for 21.2% of all homebuyers nationally, the numbers vary widely by location.
Some U.S. locations prove more favorable to young adults seeking homeownership than others. We calculated the share of all home purchase loans taken out by applicants under 25 years old in 2023, then ranked metros and states accordingly.
The median home purchase price for millennials in 2023 was $415,000—nearly 77% higher than the median home purchase price for Gen Z buyers, and second only to the Gen X median purchase price of $445,000. These are the U.S. locations where millennials are buying the most expensive homes.
Although supply is a challenge across the U.S., some locations are progressing faster than others in authorizing new construction. Researchers ranked locations according to the number of new housing units authorized per 1,000 existing homes in 2024.
Union membership in the U.S. has declined sharply over the past several decades. However, union participation remains strong in certain parts of the country. These are the cities with the highest union membership rates.
The construction industry has experienced a period of heightened activity over the past several years, and researchers set out to find the best-paying construction occupations. They analyzed the most common jobs using data from the U.S. Bureau of Labor Statistics. Those occupations were ranked according to their median hourly wage.
High levels of inflation beginning in 2021 have, in many cases, more than offset the wage growth routinely touted as a positive of the COVID-era economy. And while wage growth is below-average nationally, construction workers in certain parts of the country have fared better. Researchers calculated the inflation-adjusted change in mean construction worker earnings from 2018 to 2023, then ranked locations accordingly.
Although there was a modest rebound in single-family construction post-2015, which gained momentum during the pandemic, this surge has since subsided. In 2023, only 61.8% of new construction was allocated to single-family units. This ongoing underinvestment has led to an estimated shortfall of approximately 6.5 million single-family homes—a primary contributor to elevated housing prices. Researchers calculated the percentage of housing units that are single-family and ranked locations accordingly.
The rise in mortgage rates beginning in 2022 has placed significant financial pressure on American households. These are the U.S. states and metros where the most people under 65 own their homes free and clear.
High vacancy rates indicate an ample supply of rental properties, fostering competition among landlords and placing downward pressure on rent prices, which can lead to improved affordability for renters. These are the U.S. locations with the highest rental vacancy rates.
As the cost of homeownership continues to grow out of reach for many Americans, mortgage interest rates have become a central concern for both homebuyers and policymakers. These are the U.S. locations where buyers are getting the best mortgage rates.
Fortunately, though housing construction has fallen short nationwide, some parts of the country are bucking the trend. These are the counties and states that have built the most housing over the last decade.
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