September's State-Level Analysis on Employment

Thirty-three states and the District of Columbia saw a payroll employment increase in September compared to August. There was no change in Wisconsin and 16 states lost jobs during September. According to the Bureau of Labor Statistics, there was a 194,000 increase during September.

Broken down by states the top nonfarm employment month-over-month increase was the strongest in Texas with 95,800 jobs added, Florida with 84,500 jobs and California with 65,000 jobs. The biggest decrease was seen in Louisiana with 29,500 jobs lost which were part of the sixteen states with a total of 65,000 jobs lost across the country.

Year-over-year ending in September, 5.7 million jobs have been recovered marking the economic rebound from the COVID-19 pandemic induced recession.  All states and the District of Columbia added jobs. The highest was seen in California with 795,800 jobs added and the lowest was seen in Wyoming with only 1,700 jobs added.

The construction sector saw an increase in 30 states with 22,000 jobs added. This included both residential and nonresidential construction. Two states, Iowa and Kansas, saw no change while Texas add the highest with 8,900 construction jobs. Tennessee saw the biggest loss with 2,800 jobs gone.

Across the country, there was a 191,000 increase year-over-year with a 2.6% increase compared to September 2020. The largest gain was in California with 35,600 jobs while New York saw the largest decrease with 11,700 jobs lost.

As far as percentages reported, month-over-month saw an increase in Florida at 1.0% and a decrease in Lousiana of 1.6%. Year-over-year Hawaii saw an increase of 12.9% and Wyoming saw the smallest increase of 0.6%.

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New Orleans Home Prices Future Outlook and Effect on the Economy

 

National industry leaders say that the housing market might slow down soon affecting the home price increases. Although this report looks negative, local New Orleans real estate specialists are confident the market will not go cold soon.

"I don't think weakness is the right word for what we'll see; I think it's going to be more a shift in gears," Missy Whittington, CEO of NOMAR, said.

The New Orleans housing market saw a considerable rise in the number of homes for sale this summer but the New Orleans Metropolitan Association of Realtors (NOMAR) September housing-market report predicted an increase in inventory which might bring a slow down in the market. This trend would slow down the price increase, which has not stopped rising in 114 months.

"A lot of buyers got beat up and decided to take a break," Local Agent Katie Witry said. "Now, we're about two weeks behind what is typically the secondbusiest time of year and we'll see how they react when the inventory comes onto the market. It's still a strong market but I see signs that prices are cooling a bit."

Due to Hurricane Ida and buyers frustrated with being priced out of the market, there was a pause in listings coming on the market. The hurricane could have driven some residents away from the area. Local experts feel that this was awash with some residents moving out due to the storms while others moved in.

"After a big storm there's always some people leaving and some moving in," said Witry, speaking on the sidelines of the New Orleans Metropolitan Association of Realtor's annual forecasting symposium.

According to forecasters, New Orleans metro area real estate has seen a 13% jump in single-family home prices this past year. They feel this push has been due to the pandemic wave. This has been seen through the residential real estate market nationwide. This has been due to the lack of inventory and buyer demand.

"The fundamentals of the market have not changed," said Paul Richard, broker at Latter & Blum who co-chaired this year's symposium. "If there is a headwind into 2022 it will be inflation and an uptick in interest rates, but then the jobs market has been improving and even most of the hospitality jobs are back."

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Tips To Take To Get a Higher Value on Your Home

 One of the first rooms a buyer looks at is the kitchen. The kitchen has become the heart of a home, and its functionality and appearance are important. This is the reason why kitchens are the most popular room for renovations. Remodeling a kitchen can be very expensive and a lot of work, but will add value to your home. Here are six tips to follow if you want to spruce up your current kitchen.

1. Paint or refinish your kitchen cabinets

This is a simple or cost-effective way to update your kitchen space. Outdated or dingy cabinets can harm a kitchen's look. If you decide to change the color of your kitchen cabinets, make sure to choose a color that blends with the color scheme of your home. Another simple idea to update your outdated cabinets is to replace the hardware.

2. Add a kitchen island

Every buyer loves more counter space. A kitchen island not only gives extra counter space but storage as well. A kitchen island can drastically open up the room by offering depth and making more efficient use of the space. Kitchen islands not only are a great place to prep food but also can be a great place for additional seating. A nice kitchen island can cost upward of thousands depending on the size, materials, and accessories. If you are on a tight budget, a nice freestanding table can make a great kitchen island.

3. Install new energy-efficient appliances

Energy-efficient appliances are a great way to save energy and cut down costs on utilities. Switching your existing appliances to energy-efficient appliances is a great way to start. When purchasing new appliances look for the Energy Star label.

4. Consider updating your kitchen floor

Kitchen floors get the brunt of the mess in a kitchen. They take a beating from hot food spills, foot traffic, and appliances being moved across the floor. Replacing your old flooring can give your kitchen a facelift. Remember to choose durable and easy-to-clean flooring. Great materials include tile flooring, hardwoods, or artificial wood alternatives.

5. Install a backsplash

A backsplash behind an oven is a great way to protect from harsh spills and build-ups. It also makes it easier to clean them up. Having a backsplash above the kitchen countertops can add dimension and color to your kitchen.

6. Update lighting

Poor lighting in any space is a no-no. A kitchen can look very dingy with poor lighting. Try updating your lighting fixtures with energy-efficient LED bulbs. These will not only brighten up your kitchen but will also add to your energy savings. Adding track lighting and dimmers are another great idea to add ambiance to the space.

A major remodel or a minor remodel with both do wonders for your kitchen and adds value to your home. A Realtor can help you determine how much value can be added.

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Reports Show an Increase in Steel Prices While Lumber and Concrete Prices Fall

 

Good news in the residential construction industry. Both lumber and concrete products have dipped in price. This has caused prices paid for goods used in residential construction ex-energy decreased 0.8% in September (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The price index of services input to residential construction also saw a dip in pricing in September. This was caused by smaller gross profit margins of building materials retailers.

Even with the decrease in pricing, building materials are still 13% higher than a year earlier and 11.3 higher than reported this January 2021. Service inputs also are up but did not increase as much. There was only a 9.5% increase in the first nine months of 2021 which dropped from the 11.9% increase in the first nine months of 2020.

The Producer Price Index (PPI) for softwood lumber shown seasonally adjusted went down 3.5% in September. This is calculated by taking a survey of the prices paid for goods shipped during the month. The industry leaders predict there will be an increase in softwood lumber prices due to the FLCP (Random Lengths Framing Lumber Composite Price) rising 36% since August 2021.

As for ready-mix concrete (RMC), the PPI went down slightly to 0.5% in September. This is the first decline seen since January 2021. Over the past 12 months, RMC has increased 3% and year-to-date 4.1% in September 2021. The largest decline was seen in the West at 2%, in the Northeast and South at 1% and increased 0.2 in the Midwest.

Gypsum products rose 1% in September making it the seventh consecutive monthly increase. The PPI year-to-date in 2021 increased 16.6% and 22.6% over the past 12 months in September. Gypsum products did see a decrease last year between January and September 2020 of 2.8%.

Steel products rose in pricing 5% in September which followed a 5.1% in August 2021. The monthly change in the steel mill products PPI increased by more than 10% only three times (in 1947, 1948, and 2008) over the 80-year period ending in 2020. Monthly increases have exceeded that mark four times in 2021.

Luckily the prices of services declined 2.7% in September which followed a decrease of 5.7% in August 2021. The monthly decline of 3.7% in trade services input pushed this decline.

If you are in the market for a new construction single-family home now is a good time to contact a local Realtor or local custom builder who can help you with your needs. Leave it to a professional as they are able to navigate this boisterous current housing market.

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