Filter by Categories

Macro Nugget: Housing backlogs back to pre-pandemic levels

Will 7% mortgage rates start to be felt in construction payrolls?
2025-01-16
<a href="https://stenoresearch.com/author/ulriksimmelholt/" target="_self">Ulrik Simmelholt</a>

Ulrik Simmelholt

0

U.S. housing backlogs from the pandemic have now returned to pre-pandemic levels. Along with massive spending driven by the Inflation Reduction Act (IRA) and the AI boom, these factors have helped sustain construction payrolls, preventing significant declines. However, with a new president whose economic team is focused on reducing debt levels, and backlogs no longer keeping workers employed, the construction sector is likely to face challenges, especially with mortgage rates hovering around 7%.

0 Comments

Submit a Comment

STENO RESEARCH IS JOINING REAL VISION

From July 2025, Steno Research is joining Real Vision to create the ultimate macro research product for you!

As a subscriber, this means the following:

Yearly subscriber: For legal reasons, we cannot transfer your pre-paid subscription directly. You need to register with Real Vision and then we’ll transfer your pre-paid subscription quickly afterwards. Simply go to https://www.realvision.com/free and sign up - and then we’ll take care of the rest! We will shut down service of Steno Research on July 31st, so be sure to make the transfer to keep receiving our content.

Already a RV subscriber?
Please check that you are using the same e-mail. If yes, you don't need to do anything. If not, please contact [email protected].

Monthly subscriber: Your current monthly subscription with Steno Research will end during July (31st at the latest). To continue accessing our research (and more), you’ll need to sign up for a Real Vision membership. Check out your options on: https://www.realvision.com/pricing

For Institutional Clients:
- Your access has been moved to our new institutional offering at NowcastIQ.com
- If you haven’t been moved already, please contact [email protected]