The US Census Bureau reported on Thursday that privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,382,000. This is 1.4% below the revised November estimate of 1,401,000. Single-family housing starts in December were at a rate of 909,000.
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Remodeling Sentiment Dipped in Q4 but Remains in Optimistic Territory
According to the National Association of Home Builders/Westlake Royal Remodeling Index for 2022Q4, remodelers market sentiment declined 17 points year-over-year, from a reading of 83 in 2021Q4 to a reading of 66 in 2022Q4.
Fixed Mortgage Rates Move Lower for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 19, 2023. The 30-year fixed-rate mortgage averaged 6.15%, down from last week when it averaged 6.33%. A year ago at this time, the 30-year rate averaged 3.56%.
US Weekly Jobless Claims Decrease
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 190,000 during the week ending on Saturday, January 14, 2023. This is a decrease of 15,000 from the previous week’s unrevised level of 205,000.
Producer Price Index for Final Demand Declines 0.5% in December—Up 6.2% For All of 2022
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.5% in December, following a 0.2% increase in November and a 0.4% increase in October.
BC Government Announces New Manufacturing Jobs Fund to Support Employment and Resilient Economies
The British Columbia provincial government announced on Tuesday that it will be investing $90 million (CAD) over three years through the new BC Manufacturing Jobs Fund. The fund will focus on areas experiencing economic impacts from changes in the forestry sector.
Canada’s Producer Price Index and Raw Materials Price Index Decline Month-Over-Month in December
Statistics Canada reported that in December 2022, the Industrial Product Price Index declined 1.1% month-over-month but was up 7.6% year-over-year. The Raw Materials Price Index fell 3.1% month-over-month but posted a 7.5% year-over-year gain.
Mortgage Applications Increase for Second Consecutive Week
According to data from the Mortgage Bankers Association, for the ending January 13, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 27.9% on a seasonally adjusted basis from one week earlier.
US Builder Sentiment Improves in January
On Wednesday, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes rose 4 points in January to a reading of 35.
Canadian Housing Starts Trend Lower in December
The Canada Mortgage and Housing Corporation reported on Tuesday that standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 5% in December to 248,625 units, compared to November’s 263,022 units. CMHC also reported that the SAAR of total urban starts decreased by 5%.