News in end use

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.

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.

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.

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.

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.

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%.

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%.

According to the latest CoreLogic Home Price Index (HPI®) Report, national home prices increased 18% year-over-year in July 2021. The July 2021 HPI gain was up from July 2020’s gain of 5.3% and was the highest 12-month growth in the U.S. index since the series started in 1976.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 9, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, up slightly from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 2.86%.

The U.S. Department of Labor is reporting that an additional 310,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 4, 2021. This is a decrease of 35,000 from the previous week’s revised level, the lowest level for initial claims since March 14, 2020, when it was 256,000.