News in end use

The Associated Builders and Contractors Construction Backlog Indicator increased to a reading of 9.3 months for July. Year-over-year, the measure is up 0.6 months.

The 30-year fixed-rate mortgage averaged 7.09% for the week ending August 17th, up from 6.96% a week earlier, according to Freddie Mac. This marks the fourth consecutive weekly increase.

Single-family attached starts totaled 38,000 during Q2, according to the US Census Bureau and National Association of Homebuilders. That is relatively unchanged compared to 2022Q2.

The Conference Board Leading Economic Index® declined 0.4% in July to a reading of 105.8 (2016=100). The LEI has dropped 4.0% over the six-month period from January to July.

In June, 410,000 Canadians received regular Employment Insurance benefits, up 7,300, or 1.8%, from May. Still, this is far below the number of recipients a year ago.

The advance figure for seasonally adjusted initial unemployment claims was 239,000 during the week ending Saturday, August 12th. This is a decrease of 11,000 from the previous week.

Privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,452,000. This is 3.9% above the revised June estimate of 1,398,000 and 5.9% above the July 2022 rate of 1,371,000.

The standalone monthly SAAR of total housing starts for all areas in Canada decreased 10% in July to 254,966 units, the Canada Mortgage and Housing Corporation reported.

According to the Mortgage Bankers Association, mortgage loan application volume decreased 0.8% on a seasonally adjusted basis from one week earlier. Unadjusted, the index decreased 2.0%.

Single-family built-for-rent construction has cooled as investor interest has pulled back on tighter financial conditions, according to the US Census Bureau and the National Association of Home Builders.