Statistics Canada (StatCan) reported today (9-14-21) that manufacturing sales fell -1.5% in July to $59.6 billion (C$), following a 3.6% increase in June. Sales were down in 12 of 21 industries, led by the wood products’ decline of -21.8% and aerospace products and parts falling -19.0%.
News in end use
Consumer Price Index Increases 0.3% in August and 5.3% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (9-14-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in August on a seasonally adjusted basis after rising 0.5% in July. Over the past 12-months, the all-item index has increased 5.3% before seasonal adjustment.
Forbearance Exits at their Fastest Pace Since March During the Week Ending September 5, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 15 basis points from 3.23% of servicers’ portfolio volume in the prior week to 3.08% as of September 5, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
Canadian Investment in Building Construction Down for Third Consecutive Month in July
Statistics Canada (StatsCan) reported this morning (9-13-21) that investment in building construction in Canada was down -1.7% to $18.1 billion (C$) in July. On a constant dollar basis (2012=100), investment in building construction declined 1.6% to $13.0 billion in July.
Mortgage Credit Availability Increases for Second Consecutive Month in August
The Mortgage Banker Association (MBA) on Thursday (9-9-21) released their Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for August. According to the report, the MCAI rose by 3.9% to 123.7 in August.
Building Materials Costs Soar, Offsetting Recent Declines in Lumber and Panel Pricing
According to the latest Bureau of Labor Statistic (BLS) Producer Price Index (PPI), with analysis provided by the National Association of Home Builders (NAHB), the prices of goods used as inputs into residential construction including energy have risen 19.0%. Without energy, they are up 12%, year-to-date.
Producer Price Index for Final Demand Increases 0.7% in August
The Bureau of Labor Statistics (BLS) reported today (9-10-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.7% in August. Final demand prices rose 1.0% in July (the same as in June), 0.8% in May, 0.6% in April, 1.0% in March, and 0.5% in February.
Asking Rents Increased 10.3% and Single-Family Build-to-Rent Rose 13.9% Year-Over-Year in August
According to the latest Yardi Matrix Multifamily National Report, asking rents rose 10.3% year-over-year in August. This marks the first double digit year-over-year increase in the Multifamily dataset. At the same time, overall rents have risen by $25 in August and $140 this year to date, up to a national average rent of $1,539.
Canadian Employment Grows for Third Consecutive Month in August — Unemployment Moves Lower
Statistics Canada (StatsCan) reported today (9-10-11) that employment increased by 90,000 (+0.5%) in August, marking the third consecutive monthly increase. The unemployment rate fell by -0.4% to a reading of 7.1%.
July Construction Job Openings and Labor Turnover Report Released
A closer look at the Bureau of Labor Statistics (BLS) July Job Openings and Labor Turnover Survey (JOLTS), with analysis provided by the National Association of Home Builders (NAHB) and a look specifically on the construction sector, reveals that the number of open construction jobs declined in July to 321,000 unfilled positions. Overall, hiring in the construction sector remained substantial in July, increasing to a rate of 5.2%.