News in end use

A lack of existing inventory and pent-up demand is fueling single-family permit growth across all tracked geographic regions in the US, NAHB reported.

Mortgage loan application volume decreased 5.2% on a seasonally adjusted basis from one week earlier, MBA reported.

Private sector employment increased by 152,000 jobs in May and annual compensation gains held steady at 5.0% year-over-year, ADP reported.

Following an upwardly revised estimate of open construction employment in March (from 274,000 to 346,000), the April estimate shows a further decline to 338,000 jobs.

The Mortgage Bankers Association reported that according to its latest Commercial Delinquency Report, commercial mortgage delinquencies increased in Q1.

As of the last business day in April, the number of job openings was 8.1 million, little changed from the 8.5 million reported in March.

Total construction spending during April was estimated at a seasonally adjusted annual rate of $2,099.0 billion, 0.1% below the revised March estimate.

Spending on private single-family construction crept 0.1% higher in April, the Census Bureau and NAHB reported. This marks the twelfth consecutive monthly increase.

Homebuyer affordability declined further in April, with the national medium payment applied for by applicants increasing to $2,256, MBA reported.

Personal income increased 0.3% at a monthly rate in April; disposable personal income increased 0.2%; and personal consumption expenditures increased 0.2%.