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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.

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.

Personal income increased 0.3% at a monthly rate in July; disposable personal income increased 0.3%; personal consumption expenditures increased 0.5%.

The Index of Consumer Sentiment rose to a reading of 67.9 in August, up from 2.3% from July.