The median US asking rent increased 2.2% year-over-year to $1,981 in February, the largest gain reported since January 2023, Redfin reported.
News in end use
NFIB Small Business Optimism Index Continues to Trend Lower in February
The NFIB Small Business Optimism Index declined to a reading of 89.4, marking the 26th consecutive month below the 49-year average of 98.
Total Outstanding Acquisition, Development, and Construction Loans Decline in 2023Q4
The volume of 1–4-unit residential construction loans made by FDIC-insured institutions declined 2.5% in 2023Q4, the NAHB reported.
US Construction Employment Posts Solid Gain in February
Employment in construction increased by 23,000 in February, the BLS and NAHB reported.
US Nonfarm Payroll Increases by 275,000 in February; Unemployment Climbs to 3.9%
Total nonfarm payroll employment increased by 275,000 in February, above the average monthly gain of 230,000 over the prior 12 months.
Canadian Employment Increases in February; Unemployment Inches Higher to 5.8%
Canadian employment increased by 41,000 jobs in February. The unemployment rate increased 0.1 percentage points to 5.8%.
Value of Building Permits in Canada Climbs Higher in January
The total value of building permits in Canada increased 13.5% month-over-month in January to $10.8 billion (CAD).
Fannie Mae Home Purchase Sentiment Index Increases for Third Consecutive Month in February
The Fannie Mae Home Purchasing Sentiment Index® (HPSI) increased 2.1 points in February to a reading of 72.8.
Construction Sector Employment Slips in January’s Job Openings and Labor Turnover Survey
The construction labor market experienced a decline in construction job openings in January, NAHB analysis shows.
Fixed-Rate Mortgages Edge Lower in the Week Ending March 7th
The 30-year fixed-rate mortgage averaged 6.88%, down from last week when it averaged 6.94%, Freddie Mac reported.