News in end use

A closer look at the Bureau of Labor Statistics Nonfarm Payroll report for November (released on 12-2-22), with focus on the construction sector, reveals that of the 48 states that do report construction sector job data—which includes both residential and non-residential construction—36 states reported an increase in November.

Redfin reported on Thursday the findings of their Homebuyers Demand Index—a measure of home-tour requests and other services from Redfin agents—is up 10% and mortgage-purchase applications are up 14% from the end of October, when both hit their 2022 lows.

Statistics Canada reported on Friday that wholesale sales rose 2.1% in October to $83.4 billion (CAD). Wholesale sales increased in every province in October, with Quebec, BC, and Ontario leading the way and accounting for 78.1% of national sales.

The Canadian Mortgage and Housing Corporation reported on Thursday that November’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 0.2% month-over-month to 264,159 units, compared to 264,581 units in October.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 15, 2022. The 30-year fixed-rate mortgage averaged 6.31%, down from last week when it averaged 6.33%. A year ago at this time, the 30-year rate averaged 3.12%.

Statistics released today by the Canadian Real Estate Association (CREA) reveal that national home sales recorded over the Canadian MLS® system declined 3.3% on a month-over-month basis in November. The November decline has erased October’s small gain.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 211,000 during the week ending on Saturday, December 10, 2022. This is a decrease of 20,000 from the previous week’s revised level of 231,000 (originally reported as 230,000).

Statistics Canada reported today that nationally investment in building construction in October increased 0.2% to $20.9 billion (CAD). Investment in residential building construction in October was down by 0.1% to $15.4 billion. Single family home investment declined 2.3%.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 9th, the Market Composite Index (a measure of mortgage loan application volume) increased 3.2% on a seasonally adjusted basis from one week earlier.

The Mortgage Bankers Association on Thursday, released its latest Commercial/Multifamily Mortgage Debt Outstanding (CMMDO) quarterly report. According to the CMMDO, in 2022Q3, the level of commercial/multifamily mortgage debt outstanding increased by 1.6%, or $70.0 billion.