Nonresidential construction spending increased 0.3% in February, ABC and the Census Bureau reported. On a seasonally adjusted annual basis, spending totaled $1.255 trillion.
News in end use
US Job Openings and Labor Turnover Summary for February
The number of job openings was little changed at 7.6 million. Year-over-year, the number of job openings was down 877,000.
70% of US Households Unable to Afford a $400,000 Home, NAHB Affordability Pyramid Shows
The pyramid reveals that 70%, or 94 million households, cannot afford a $400,000 home, according to NAHB analysis.
29-Story Mass Timber High-Rise Coming to St. Louis, MO
A 29-story mass timber high-rise is coming to St. Louis, Missouri, according to a feature by CityScene STL.
Fannie Mae Expects Lower Mortgage Rates in 2025 and 2026 Will Bolster Home Sales
The ESR Group has slightly upgraded its existing-home sales outlook, based on a lower mortgage rate outlook.
US Monthly Housing Payments Hit All-Time High in March
The typical US homebuyer’s monthly housing payment hit an all-time high of $2,807, up 5.3% from a year earlier, Redfin reported.
US Personal Income and Outlays for February
Personal income increased 0.8%; disposable personal income increased 0.9%; and personal consumption expenditures increased 0.4%.
Canadian GDP by Industry for January
Real GDP grew 0.4% in January, following a 0.3% increase in December. The construction sector rose 0.7%.
University of Michigan Releases Final Results of Its Consumer Sentiment Index for March
The University of Michigan Index of Consumer Sentiment declined to a reading of 57.0 in March, a month-over-month decline of 11.9% and down 28.2% year-over-year.
US Pending Home Sales Increase 2.0% in February
The NAR Pending Home Sales Index increased 2.0% to a reading of 72.0 in February. Year-over-year, pending sales were down 3.6%.