News in end use

Statistics Canada (StatsCan) reported today (2-2-22) that the total value of building permits decreased -1.9% to $11.2 billion (CAD) in December. Declines were reported in both the residential and non-residential sectors. On a constant dollar basis (2012=100), the total value of building permits decreased -3.1%.

The national vacancy rates in Q4 2021 were 5.6% for rental housing and 0.9% for homeowner housing. The rental vacancy rate was -0.9 percentage points lower than the rate in Q4 2020 of 6.5% and not statistically different from the rate in the Q3 2021 of 5.8%. The homeowner vacancy rate of 0.9% was -0.1 percentage points lower than the rate in Q4 2020 of 1.0% and was the same as the rate in Q3 2021, 0.9%.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending January 28, 2022, the Market Composite Index, a measure of mortgage loan application volume, increased 12.0% on a seasonally adjusted basis from one week earlier.

According to the January ADP® National Employment Report™, nonfarm private sector employment decreased by -301,000 jobs from December to January. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.

On Tuesday (2-1-22), the U.S. Census Bureau reported that total construction spending during December 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,639.9 billion, 0.2% above the revised November estimate of $1,636.58 billion. The December figure is 9.0% above the December 2020 estimate of $1,504.2 billion.

A closer look at the construction sector portion of the Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover (JOLTS) Summary for December, with further analysis provided by the National Association of Home Builders (NAHB), reveals that construction labor market remains constricted and the number of job openings continues to rise year-over-year.

In a new report from Redfin, the Seattle-based, technology-powered real estate brokerage firm, homebuyers continue to struggle: 45% of homes are now selling within two weeks of being on the market. Of that number, some 35% of homes are going on contract in under a week. Both rates are the highest ever seen for this time of the year.

Statistics Canada (StatsCan) is reporting that real gross domestic product (GDP) increased 0.6% in November, following a 0.8% rise in October. Increases across almost all sectors have contributed to six consecutive months of growth. The increase brings the real GDP to 0.2% above its February 2020 level, prior to the pandemic.

On Tuesday (2-1-22), the U.S. Bureau of Labor Statistics published the Job Openings and Labor Turnover Summary (JOLTS) for December 2021. According to the JOLTS report, as of the last day in December, the number of job openings was little changed at 10.9 million. The job opening rate was unchanged at 6.8%, and the number of job openings was little changed in all regions.

According to a report released today (1-31-22) by Redfin, the Seattle-based, technology-powered real estate brokerage, more than one-third (34.1%) of U.S. single-family home sales in December were for new construction. This is the highest share on record and 8.7% above December 2020 reading of 25.4%. Newly built homes have taken up an increasing portion of U.S. housing inventory over the last 10 years, with a major acceleration in mid-2020 after the pandemic began.