News in end use

The average length of time to complete construction of a multifamily building in 2022, after receiving authorization, was 2.3 months longer than in 2021, according to the Census Bureau and NAHB.

The National Federation of Independent Business Small Business Optimism Index increased 0.9 points to a reading of 91.9 in July. This is the 19th consecutive month that it has been below the 49-year average of 98.

The Fannie Mae Home Purchase Sentiment Index® increased slightly in July, as consumers’ confidence regarding their personal financial situation was largely offset by further pessimism toward homebuying conditions.

Redfin reported that during the four-week period ending on July 30th, the typical US homebuyer’s monthly mortgage payment was $2,605 per month. That is up 19% year-over-year.

Total nonfarm payroll employment increased by 187,000 in July. July’s increase is significantly less than the average monthly gain of 312,000 over the prior 12 months.

Statistics Canada reported that employment in July was virtually unchanged, posting a loss of 6,000 jobs, or 0.0%. From January to July, monthly employment growth has averaged 22,000.

Nonresidential construction spending increased 0.1% month-over-month in June, according to the US Census Bureau and analysis by Associated Builders and Contractors.

Freddie Mac says the 30-year fixed-rate mortgage averaged 6.90%, up from last week when it averaged 6.81%.

US-based employers announced 23,697 job cuts in July, according to Challenger, Gray & Christmas, Inc. This is down 42% from June.

The advance figure for seasonally adjusted initial unemployment claims was 227,000 during the week ending Saturday, July 29th. This is an increase of 6,000 from the previous week’s unrevised level.