News in end use

Employment in the construction sector increased by 34,000 positions in August, up from a gain of 13,000 in July, the BLS and NAHB reported.

Employment in August was little changed for the fourth consecutive month. Canada added 22,000 new positions, up 0.1%. The employment rate declined 0.1 percentage point to 60.8%.

Following home price growth of 6.0% in 2023, a panel of housing experts forecasts annual national home price growth of 4.7% in 2024 and 3.1% in 2025, Fannie Mae reported.

The 30-year fixed-rate mortgage averaged 6.35%, unchanged from last week, Freddie Mac reported.

Private sector employment increased by 99,000 jobs in August. Year-over-year, annual compensation was up 4.8%, unchanged from July.

US-based employers announced 75,891 cuts in August, a 193% increase from the 25,885 announced in July, CG&C reported.

The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 5,000 from the previous week.

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.