According to the BLS, there were 618,000 layoffs in the construction sector during March 2020.
News in end use
Mortgage Delinquencies Grow in First Quarter of 2020
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.36% of all loans outstanding at the end of the first quarter of 2020.
Consumer Confidence Comfort Index Declines for Eighth Week in a Row
U.S. household sentiment declined, although at a slower pace, for the eighth straight week in a row.
FEA’s Weekly Order Survey – May Sales Not as Strong as in April
Dealers are reporting that, to date, their May sales are OK. However, they are definitely not as strong as they were in April.
Mortgage Rates Continue to Hold Steady
The PMMS shows that 30-year fixed-mortgage rate averaged 3.28% with an average 0.7 point, up slightly from last week when it averaged 3.26%.
Builders and Developers Report Credit Criteria Tightening During First Quarter of 2020
Builders and developers are reporting tighter credit conditions for land acquisition, development, and single-family home construction (AD&C).
Lumber and Building Materials Prices Post Record Monthly Decline in April
According to the latest Producer Price Index (PPI) report, prices (not seasonally adjusted) paid for goods used in residential construction decreased -4.1% in April.
Weekly Jobless Claims Rise Another 2.981 Million for Week Ending May 9th
The U.S. Department of Labor is reporting that an additional 2.981 million Americans made their initial filing for unemployment benefits during the week ending on Saturday May 9th.
Housing’s Share Provides a Bright Spot in the First Quarter GDP
Amidst all the gloom and doom there was some positive news regarding housing’s share of the GDP, which increased to 14.9% in the first quarter.
Mortgage Applications Increase in Week Ending May 8th, 2020
For the week ending May 8th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from one week earlier.