News in end use

The Bank of Canada reduced its target for the overnight rate to 4.25%, with the Bank Rate at 4.50% and the deposit rate at 4.25%. The Bank is continuing its policy of balance sheet normalization.

COFI released a new report highlighting the vital role BC wood products play in ensuring the supply of cost-effective, climate-resilient building materials for affordable housing.

Nationwide nonresidential construction spending decreased 0.2%, the Census Bureau and ABC reported.

The number of open construction sector jobs shifted notably lower from 299,000 in June to 248,000 in July, the BLS and NAHB reported.

Mortgage loan application volume increased 1.6% on a seasonally adjusted basis from one week earlier, MBA reported.

As of the last business day in July, the number of job openings was 7.7 million. Year-over-year, the measure was down 1.1 million. The job opening rate was little changed at 4.6%.

Total construction spending during July was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3% below the revised June estimate of $2,169.0 billion.

MBA’s national Purchase Applications Payment Index decreased 1.9% to a reading of 167.7 in July.

Homebuyers must earn $79,252 annually to afford the typical starter home, up 4.4% year-over-year and just a few hundred dollars shy of last October’s all-time high, Redfin reported.