A closer look at the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment report for May and its impact on the construction sector, reveals that nonfarm payroll employment increased in 32 states and the District of Columbia, compared to April, while 18 states lost jobs.
News in end use
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year in May
Statistics Canada (StatsCan) reported today (6-22-22) that Canadians continued to feel the pinch of increasing prices in May, as consumer inflation rose 7.7% year-over-year. This is the largest yearly jump since January 1983 and is up from April’s 6.8% increase.
Existing Homes Sales Decline Month-Over-Month and Year-Over-Year in May 2022
The National Association of Realtors® reported on Tuesday that total existing home sales declined in three out of the four reporting regions in May, falling by -3.4% from April to a seasonally adjusted rate of 5.41 million homes. This marks the fourth consecutive month of declining sales.
Home Sales Decline 3% Month-Over-Month in May as Mortgage Rates Climb Higher
Redfin is reporting the housing market cooled considerably in May as mortgage rates climbed to their highest levels since 2009. Seasonally adjusted, home sales fell -3% month over month–their only May decline on record outside of 2020, when the start of the pandemic sent shockwaves through the market.
BC River Flood Stage Could Last for Several More Weeks
Experts say that while British Columbia has reached the peak of the springtime snowmelt, the danger of flooding will persist for weeks. This is the result of record snowfall in the mountains and a forecast of a quickly changing weather pattern, to hotter and drier, in the weeks ahead.
Fannie Mae’s Economic and Strategic Research Group Lowers Its Expectations for Economic Growth and Home Sales in 2022
According to the June 2022 commentary from Fannie Mae’s Economic and Strategic Research (ESR) Group, higher interest rates and elevated inflation are expected to continue to weigh on economic growth and home sales as the year progresses. As a result, the ESR has reduced its full-year 2022 growth forecast to 1.2%.
New Home Mortgage Applications Decline Month-Over-Month and Year-Over-Year in May 2022
The Mortgage Bankers Association reported on Thursday that data from their Builder Application Survey revealed that mortgage applications for new home purchases declined -4% month-over-month and -5% year-over-year in May, reaching a seasonally adjusted annual rate of 727,000 units.
The Conference Board Reports US Leading Economic Index® Declined in May 2022
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today the Leading Economic Index® (LEI) for the US in May of 2022. According to the report, the LEI for the US declined -0.4%, falling to a reading of 118.3 (2016=100). The decrease follows a -0.4% decline in April.
US Housing Starts and Permits Decline in May 2022; Completions Trend Higher
The US Census Bureau reported on Thursday that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000; this is -14.4% below the revised April estimate of 1,810,000 and is -3.5% below the May 2021 rate of 1,605,000. Single-family housing starts in May were at a rate of 1,051,000.
Canadian Home Sales Slow Further in May 2022
The Canadian Real Estate Association reported on Tuesdaythat national homes sales recorded over Canadian MLS® Systems declined by -8.6% between April and May. This builds on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.