News in end use

According to the Bureau of Economic Analysis (BEA), with analysis provided by the National Association of Home Builders (NAHB), real gross domestic product (GDP) increased in all 50 states and the District of Columbian in Q2 of 2021, when compared with Q1 of 2021. The increases in real GDP ranged from 9.7% in Nevada to 1.8% in Alaska.

The U.S. Census Bureau has announced that total construction spending during August 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,584.1 billion, virtually unchanged from the revised July estimate of $1,584.0 billion. The August figure is 8.9% above the August 2020 estimate of $1,455.0 billion.

Statistics Canada (StatsCan) reported today (10-1-21) the real gross domestic product (GDP) in Canada edged lower -0.1% in July. This follows a 0.6% increase in June. Total economic activity in July was approximately -2% below the pre-pandemic level of February 2020.

The University of Michigan today (Friday 10-1-21), released its Final Consumer Sentiment Index (CSI) for September. The Index of Consumer Sentiment increased to a reading of 72.8 in September, up from 70.3 in August — a month-over-month increase +3.6% but -9.5% decrease year-over-year (80.4 in September 2020).

The U.S. Bureau of Economic Analysis (BEA) reported on Friday (10-1-21) that according to their estimates, personal income (PI) increased $35.5 billion, or 0.2%, in August. Disposable personal income (DPI) increased $18.9 billion, or 0.1%, in August.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 30, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.01% with an average 0.7 point, up from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 2.88%.

Redfin, the Seattle-based, technology-powered real estate brokerage, reported on Wednesday (9-29-21) that the asking prices of homes listed for sale increased to an all-time high of 12%. On the other hand, pending home sales were just 4% higher year-over-year, the smallest increase since June 2020.

The U.S. Department of Labor is reporting that an additional 362,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 25, 2021. This is an increase of 11,000 from the previous week’s unrevised level.

Georgia-Pacific announced today (9-29-21) that their Pineland Lumber Complex in Texas will undergo $120 million in additions and improvements in an effort to modernize and increase the mill’s overall production capabilities. The modifications include a new sawmill which will replace the existing stud mill that was built in the 1960s.

On Wednesday (9-29-21), the National Association of Realtors® (NAR) reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — increased of 8.1% in August 2021 to a reading of 119.5.