News in end use

The ESR Group expects new single-family construction to total approximately 964,000 units this year.

The Conference Board Consumer Confidence Index declined 7.9 points to a reading of 86.0, the lowest level since the onset of the pandemic.

The number of open construction sector jobs fell from a revised 286,000 in February to 248,000 in March, the BLS and NAHB reported.

As of the last business day in March, job openings were little changed at 7.2 million, but down 901,000 from a year earlier.

Yardi Matrix forecasts a slight increase in US multifamily rental housing completions for 2025–27 compared to the previous quarter’s outlook.

The national rental vacancy rate was 7.1%, while the homeowner vacancy rate was 1.1%, the US Census Bureau reported.

Payroll employment decreased 0.3% (49,000) in February, following a 0.1% increase (14,400) in January. Year-over-year, payroll employment was up 0.7% (124,300).

The Index of Consumer Sentiment declined to a reading of 52.2 in April, a month-over-month decline of 8.4% and a 32.4% decrease year-over-year.

Total commercial real estate mortgage borrowing and lending reached $498 billion in 2024, a 16% increase from 2023, MBA reported.

Existing-home sales declined 5.9% to a seasonally adjusted annual rate of 4.02 million in March, NAR reported.