LOS ANGELES — Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly unaffordable housing market. The average rate on the benchmark 30-year home loan rose to 7.31%, from 7.19% last week, mortgage buyer
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Much of America’s infrasturcture requires investment (Image: AdobeStock – stock.adobe.com) More than three-quarters (78%) of US civils contractors expect their project backlog to increase or remain the same over the next year as new federal infrastructure funding ramps up. That’s according to a new report from Procore Technologies and the Associated General Contractors of America
As House Republicans force a fight over federal spending, it’s looking increasingly likely that Congress will not pass bills that fund federal operations before the start of the new fiscal year, which would shut down the government on Oct. 1. Among a slew of negative impacts, a shutdown would hold up federally funded infrastructure projects,
Of the roughly 1,005,000 single-family and 547,000 multifamily homes started in 2022, 59,000 (28,000 single-family and 31,000 multifamily) were built in age-restricted communities, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD). A residential community can be legally age-restricted, provided it
Sawmill down-sizing in British Columbia will create long-term opportunities for European lumber exporters to the US Canada is the world’s second-largest producer of softwood lumber, behind the United States. Over the past five years, production has decreased from 48 million m3 in 2017 to 37 million m3 in 2022. Last year, the country’s sawmill output
A robot arm guides a concrete extruder in a precise path, demonstrating 3D printing in concrete. (Courtesy of Additive Construction Laboratory, Penn State University) The City of Nome and its partners are planning to build a demonstration home next summer – using a robot that prints concrete. They hope the project will prove that the
By Robert Dietz on September 20, 2023 • The Federal Reserve’s monetary policy committee held the federal funds rate at a top target rate of 5.5% at the conclusion of its September meeting. The Fed will also continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities as part of quantitative tightening. These
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