According to the U.S. Census Bureau’s 2019 Survey of Construction (SOC), the ongoing shortage of skilled labor and ever expanding regulatory challenges, some of which are in place to slow the spread of the coronavirus has pushed the average length of time to complete the construction of a multifamily from obtaining local authorization to completion to an average of 17.3 months.
News in end use
Consumer Price Index Moves Higher in August
The Bureau of Labor Statistics (BLS) is reporting that the Consumer Price Index (CPI) and the ‘core’ CPI both continued to increase in August.
The Lull in Sales Continues According to FEA’s Weekly Order Survey Participants
Dealers responding to the FEA Weekly Order Survey continue to report slower, but still steady sales. However, for the third week in a row, and this includes the Labor Day holiday, sales have not been as strong as in the preceding week.
Canadian Home Starts Increase in August
According to Canada Mortgage and Housing Corporation (CMHC) the trend in housing starts in Canada in August were at 213.144 units, up from 204,597 in July.
Weekly Jobless Claims Hold Steady for the Week Ending September 5th, 2020
The U.S. Department of Labor is reporting that an additional 884,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday September 5th. Unchanged, from last week’s upward adjusted numbers
Job Opening and Labor Turnover Survey for July 2020
The Bureau of Labor Statistics (BLS) has posted its Job Opening and Labor Turnover Survey (JOLTS) for July 2020. According to the JOLTS report the number of job openings increased to 6.6 million as of the last business day of July.
Spread Between Treasury and Mortgage Rate Decreased in August
The spread between the 10-year U.S. Treasury rate and the 30-year fixed-mortgage rate in August was depicted by weekly declines, only to rise minutely by the first week of September.
U.S. Mortgage Forbearance Rate Drops to Lowest Level Since Mid-April
According to the Mortgage Bankers Association (MBA), the U.S. forbearance rate in the last week of August (8/28) fell to the lowest level since mid-April.
Mortgage Lending Sets a 20-year Record in Q2 2020 with $1.1 Trillion in Loans
According to Black Knight, one of the premier providers of integrated technology, data and analytics for lenders and servicers, lenders in the U.S. issued $1.1 trillion dollars in home loads between April and June, marking the biggest quarter in at least two decades.
Mortgage Applications Increase in Week Ending September 4th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending September 4th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 2.9% on a seasonally adjusted basis from one week earlier.