News in end use

According to an updated baseline forecast released on Tuesday by the Mortgage Bankers Association, total commercial and multifamily mortgage borrowing and lending is anticipated to fall to $766 billion this year, down 14% from $891 billion in 2021.

StatCan reported today that the total value of building permits in Canada increased 11.9% in August to $ 12.5 billion (CAD). On a constant dollar basis (2012=100), the total value of building permits increased 10.0% to $7.5 billion.

A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, with a focus on construction, reveals that the count of open, unfilled jobs declined 10% in August. The number of open construction jobs trekked higher, rising from 353,000 in July to 407,000 open positions in August.

According to the September ADP® National Employment Report™ released today, nonfarm private sector employment increased by 208,000 jobs in September, and annual pay was up 7.8% year-over-year. “We are continuing to see steady job gains,” ADP’s chief economist said.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 30, 2022, the Market Composite Index decreased 14.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 14.0% compared with the previous week.

Black Knight Inc. on Monday released its latest Mortgage Monitor Report (MMR) for August. The median home price in August declined 0.98%, a slight improvement from July’s monthly decline of 1.05%.

On Tuesday, the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for August 2022. The number and rate of job openings decreased to 10.1 million (11.1 million in July) and 6.2%, respectively.

According to the Bloomberg Nanos Canadian Confidence Index (BBCCI) released on Monday, Canadian consumer confidence has dropped to near-record lows again amid growing concerns about the global economy.

On Monday, the US Census Bureau reported that total construction spending during August 2022 was estimated at a SAAR of $1,781.3 billion, 0.7% below the revised July estimate of $1,793.5 billion. The August figure is 8.5% above the August 2021 estimate of $1,641.6 billion.

The US Bureau of Economic Analysis reported on Friday that, according to their estimates, personal income (PI) increased $71.6 billion, or 0.3%, in August. Disposable personal income increased $67.6 billion, or 0.4%, in August. Personal consumption expenditures increased $67.5 billion, or 0.4%, in August.