A state level analysis of the recent Bureau of Labor Statistics (BLS) nationwide total nonfarm payroll report, provided by the National Association of Home Builders (NAHB), with a focus specifically on the construction sector, reports that in the 48 states that reported construction sector jobs data — which includes both residential as well as non-residential construction — 23 states reported an increase in June compared to May, while 24 states lost construction sector jobs.
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Canadian Housing Starts Decline 1.5% Month-Over-Month in June
Canada Mortgage and Housing Corporation (CMHC) reported on Friday (7-16-21) that Canadian housing started moved lower in June. Nevertheless, building activity remains above historic standards and the market remains above anticipations. According to the CHMC, housing starts for June came in at a seasonally adjusted annualized rate of rate of 282,070 units, a -1.5% decrease from 286,296 units in May.
Wildfires Continue to Grow in the Western U.S., Destroying Everything in their Path
In Oregon on Sunday (7-18-21), the largest wildfire in the U.S. set additional dry forestland areas ablaze. The Bootleg fire, located just north of the California border, is just one of dozens of major blazes that continue to burn across the West, with dangerous fire weather looming over the entire area in the upcoming days.
Fannie Mae’s Economic and Strategic Research Group Updates Economic Outlook for Full-Year of 2021
According to Fannie Mae’s Economic and Strategic Research (ESR) Group, expectations for a full-year 2021 real GDP growth are at 7.0% — little changed from their previous outlook. However, meaningful compositional and temporal shifts are now projected for the underlaying sources of economic growth.
Builder Confidence in Newly Built Single-Family Homes Declines 1-point in July
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) is reporting that builder confidence in the market for newly built single-family homes declined 1-points to a reading of 80 in July. This is its lowest level since August of 2020.
Treasury Yields Start the Week of July 19, 2021 Lower
On Monday, the yield on the benchmark 10-year Treasury note fell 11 basis points to 1.189% (its lowest level in five months) at around 4:00 p.m. ET. The yield on the 30-year Treasury bond slid 11 basis points to 1.82%.
Mortgage Credit Availability Tightens in June
According to Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the Ellie Mae’s AllRegs® Market Clarity® business information tool, mortgage credit availability decreased in June. The MCAI fell by -8.5% to 118.8 in June.
Canadian Home Prices in June Continued to Fall from March’s Record-Setting Level
Data released on Thursday (7-15-21) by the Canadian Real Estate Association (CREA) reports that home sales have fallen for three consecutive months, after setting an all-time record high in March 2021. The price of the average Canadian home that sold in June was $679,000, an increase of 25% in the past year.
University of Michigan’s Consumer Sentiment Index Drops to 5-month Low in July’s Preliminary Report
The University of Michigan today (Friday 7-16-21) released its preliminary Consumer Sentiment Index (CSI) for July. Concerns about rising prices has led to a sharp drop in buying conditions for ‘big-ticket’ items and resulted in the decline. The CSI fell to a five-month low to a reading of 80.8 from 85.5 in June. Consumers expect inflation to rise 4.8% over the next year, the highest since August 2008.
Canadian Homes Sales Decline for Third Consecutive Month in June
Data released today (7-15-21) by the Canadian Real Estate Association (CREA) reports that Canadian national home sale decreased -8.4% between May and June 2021. This marks the third straight monthly decline since activity hit an all-time record in March 2021. While sales are now down a cumulative -25% from their peak, and below every other month in the last year, June transactions still managed to set a record for that month.