News in end use

A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey for March with a focus on the construction sector reveals that the construction labor market saw a decline in the number of job openings in March.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending April 28th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.

According to the ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 296,000 jobs in April, and annual pay was up 6.7% year-over-year.

The Canadian Wood Council, an industry association committed to promoting the benefits of using wood in construction and expanding market demand for Canadian wood products, has announced the launch of Woodworks Innovation Network (WIN) in Canada, according to Canadian Forest Industries.

On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for March. As of the last business day in March, the number and rate of job openings declined to 9.6 million (a loss of 384,000) and 5.8%, respectively.

On Monday, the US Census Bureau reported that total construction spending during March was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion.

According to the Joint Center for Housing Studies of Harvard University, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early 2024. The LIRA projects that year-over-year expenditures for homeowner improvements and maintenance will post a modest 2.8% decline through 2024Q1.

Redfin reported on Friday that in the four-week period ending on April 23rd, new listings of homes for sale fell 22.4% nationwide from a year earlier. This is one of the largest declines since the start of the pandemic.

The Mortgage Bankers Association (MBA) reported on Thursday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability declined in March. The national median payment applied for by applicants increased 1.6% to $2,093.

The US Bureau of Economic Analysis reported on Friday that personal income (PI) increased 0.3%, in March. Disposable personal income (DPI) increased 0.4%. Personal consumption expenditures (PCE) increased less than 0.1%.