News in end use

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday, US-based employers announced 89,703 job cuts in March. This is up 15% from the 77,770 announced job cuts in February.

Statistics Canada reported Thursday that in March, employment grew by 35,000, or 0.2%. Employment has generally been on an upward trend since September 2022; and since then, employment has increased by 383,000, or 1.9%.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending March 31st, the Market Composite Index—a measure of mortgage loan application volume—decreased 4.1% on a seasonally adjusted basis from one week earlier.

A closer look at the Bureau of Labor Statistics February Job Openings and Labor Turnover Survey, with a specific focus on the construction labor market and additional analysis provided by the National Association of Home Builders, reveals that after a sharp decline in January, job openings rebounded.

According to the ADP® National Employment Report™ released today, nonfarm private sector employment increased by 145,000 jobs in March and annual pay was up 6.9%, year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.

Statistics Canada reported Tuesday that the total value of building permits in Canada advanced 8.6% to $10.7 billion (CAD) in February. Seven provinces reported monthly increases. On a constant dollar basis (2012=100), the total value of building permits rose 8.2% to $6.4 billion.

The British Columbia provincial government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in the hopes of alleviating the current housing crisis, according to CKPGToday. The “Homes for People” plan starts with a $4-billion investment over three years.

On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for February. As of the last business day in February the number and rate of job openings declined to 9.9 million (a loss of 632,000) and 6.0%, respectively.

On Monday, the US Census Bureau reported that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,844.1 billion, 0.1% below the revised January estimate of $1,845.4 billion.

Redfin is reporting that house hunters are returning to the market as mortgage rates and prices continue to decline. Mortgage-purchase applications increased for the fourth consecutive week, and Redfin’s Homebuyer Demand Index is at its highest level since May 2022.