New orders in April were down 9% from April 2018 and 3% year-to-date, according to a report by the Smith Leonard accounting and consulting firm.
After a rise in renter-occupied housing due to the Great Recession, data from the U.S. Census Bureau’s 2017 American Community Survey explores the changing profiles of both owners and renters.
The Great Recession was a catalyst for many households choosing to rent versus buying a home. Now safely past the recession, data from the U.S. Census Bureau shows that the appeal of renting has not slowed down.
As somewhat expected, new orders dropped 3% in March from March 2018, according to a report by Smith Leonard accounting and consulting firm. This decline reduced year-to-date new orders to a flat rate for the full first quarter.
Beginning with the Great Recession, the U.S. has seen a shift between homeowner and renters. Data from the U.S. Census Bureau’s 2017 American Community Survey shows renter-occupied housing is at its highest level in almost 50 years (36.2 percent of households) and up 9.3 percent 2010 to 2017. This compares to owner-occupied housing only increasing by 2.4 percent.
During the post-recession recovery period from 2012 forward, all furniture and home furnishings distribution channels grew in sales, despite store closings, with the exception of electronics and appliance stores and department stores, according to data from the U.S. Census Bureau.
The U.S. became over-stored in many channels during the 1990’s and early 2000’s, resulting in many store fronts closing during and after the Great Recession, according to data from the U.S. Bureau of Labor Statistics.