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    Analysis

    May 1, 2022

    NAHB: Housing Share of GDP Edges Higher at Start of 2022

    Written by David Schollaert

    Housing’s share of the economy edged higher at the start of 2022 due in part to a surprise drop in GDP growth. For the first quarter of 2022, overall GDP growth declined at a 1.4% annual rate, driven by increased inventories and a jump in imports, according to the National Association of Home Builders’ analysis of US Commerce Department’s data.

    In the first quarter of 2022, the decrease in real GDP reflected a deceleration in private inventory investment, led by decreases in wholesale trade and retail trade. The drop also reflected decreases in both federal and state and local government spending as well as in and exports. Imports, which are a subtraction in the calculation of GDP, increased, NAHB chief economist Rob Dietz said.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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