News in end use

Led by a surge in residential building permits, Statistics Canada (StatsCan) is reporting that March 2021 marked the third consecutive month of recording setting numbers in the Canadian housing industry. Building permits rose 5.7% to $ 10.9 billion. The residential sector climbed 15.9%, clearing the $8.0 billion mark for the first time in March.

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 2 basis points from 4.49% of servicers’ portfolio volume in the prior week to 4.47% as of April 25, 2021. According to MBA’s estimate, 2.23 million homeowners are in forbearance plans.

Statistics Canada (StatsCan) is reporting that in March, the Industrial Product Price index (IPPI) increased 1.6% month-over-month and 10% year-over-year. This marks the fourth consecutive monthly increases in the IPPI.

The U.S. Census Bureau has announced that total construction spending during March 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,513 billion, 0.2% above the revised February estimate of $1,509.9 billion. The March figure is 5.3% above the March 2020 estimate.

The National Association of Realtors® (NAR) has 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 1.9% in March 2021 to a reading of 111.3.

Statistics Canada (StatsCan) is reporting that Real Gross Domestic Product (GDP) grew 0.4% in February following a 0.7% increase in January. This marks the tenth consecutive monthly increased and continued to offset the steepest decline on record in Canadian economic activity observed in March and April of 2020.

The University of Michigan (U of M) has posted the final results of their April 2021, Index of Consumer Sentiment. The Index of Consumer Sentiment increased to a value of 88.3, which is 4% higher month-over-month (MOM) and 23.% higher year-over-year (YOY). The current Economic Conditions increased to a value of 97.2, which is 4.5% higher MOM and 30.8% higher YOY.

The National Association of Realtors® (NAR) has 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, declined -10.6% in February, to a reading of 110.3.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.98% with an average 0.7 point, up slightly from last week when it averaged 2.97%.

The Bureau of Economic Analysis (BEA) reported today (4-29-21) that its “advance” estimated Real Gross Domestic Product (GDP) for Q1 of 2021 increased at an annual rate of 6.4%. In Q4 of 2020, real GDP increased 4.3%.