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.
News in end use
Mortgage Application Payments Trend Lower in July
MBA’s national Purchase Applications Payment Index decreased 1.9% to a reading of 167.7 in July.
Züblin Developing Timber Modular System at the Stuttgart University of Applied Sciences
Züblin’s timber modular construction system “Eco-Box” is under development in collaboration with the University of Applied Sciences in Stuttgart, Germany, Construction Briefing reported.
Increasing Cost of Starter Homes Pushing Many Potential Homebuyers Out of the Market
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.
MBA Updates Baseline Forecast for Commercial and Multifamily Borrowing
MBA said it expects total commercial and multifamily mortgage borrowing and lending to finish the year at $539 billion, a 26% increase from $429 billion in 2023.
US Bureau of Economic Analysis Reports Personal Income and Outlays for July
Personal income increased 0.3% at a monthly rate in July; disposable personal income increased 0.3%; personal consumption expenditures increased 0.5%.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for August
The Index of Consumer Sentiment rose to a reading of 67.9 in August, up from 2.3% from July.
Canadian Real GDP Increases in Q2
Real GDP increased 0.5% quarterly in Q2 after rising 0.4% in Q1.
US Pending Home Sales Decline 5.5% in July
The NAR Pending Homes Sales Index declined 5.5% to a reading of 70.2 in July, the lowest reading since tracking began in 2001.
US Real GDP Increases at an Annual Rate of 3.0% in Q2, BEA Reports in Its “Second” Estimate
BEA now estimates real GDP increased at an annual rate of 3.0% in Q2, an increase from 2.8% growth reported in the “advance” estimate.