News in end use

The NAHB/Wells Fargo Housing Market Index showed that builder sentiment in the market for newly built single-family homes fell 6 points in May.

Mortgage loan application volume increased 0.5% on a seasonally adjusted basis from one week earlier, MBA reported.

Home sales recorded over Canadian MLS® Systems declined 1.7% between March and April, coming in a little below the 10-year average, CREA reported.

The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in April. This follows a 0.1% decline in March and an advance of 0.6% in February.

The prices of goods used in residential construction, less energy, increased for the sixth consecutive month in April, the BLS and NAHB reported.

Mortgage applications for new-home purchases increased 22.1% month-over-month and 2.0% year-over-year, MBA reported.

The NFIB Small Business Optimism Index increased 1.2 points in April to a reading of 89.7, the first increase of 2024 but the 28th consecutive month below the 50-year average.

The total value of building permits in Canada declined 11.7% month-over-month to $10.5 million (CAD) in March.

Land acquisition, development, and construction (AD&C) financing tightened slightly and remained costly during Q1, NAHB reported.

Employment in Canada rose by 0.4%, or 90,000 jobs, in April, following little change in March.