Nonfarm private sector employment increased by 140,000 jobs in February, and annual pay was up 5.1% year-over-year, ADP reported.
News in end use
US Job Openings and Labor Turnover Summary for January
As of the last business day in January, the number of job openings changed little at 8.9 million.
New US Single-Family Home Production Showed Signs of Improvement in 2023Q4
Single-family growth rates saw a turnaround in 2023Q4, led by large urban metro markets, the NAHB reported.
US Nonresidential Construction Spending Declines in January, Ending 19 Consecutive Monthly Gains
US nonresidential construction spending declined 0.4% month-over-month in January, the Associated Builders and Contractors and Census Bureau reported.
Canadian Government Finalizes Deals With Cities to Help Accelerate Home Building
Canada announced that the federal government has signed 179 housing deals via the $4 billion (CAD) housing accelerator fund, The Canadian Press reported.
Home Buyers Need to Earn $47,000 More a Year Than in 2020 to Comfortably Afford a Home
Homebuyers need to make in excess of $106,000 a year to comfortably afford a home, 80% more than in January 2020, Zillow reported.
US Private Single-Family Construction Spending Increases in January
Construction spending rose 0.2% in January, the second consecutive gain, the Census Bureau and NAHB reported.
US Construction Spending Declines Month-Over-Month in January, But Remains Up Year-Over-Year
Total construction spending during January was estimated at a SAAR of $2,102.4, 0.2% below the revised December estimate of $2,105.8 billion.
Fannie Mae Releases Home Price Expectations Survey for Q1: Price Growth Anticipated
Experts expect annual national home price growth to be 3.8% in 2024, the Fannie Mae Home Price Expectations Survey showed.
Mortgage Application Payments Trek Higher in January
The Mortgage Bankers Association Purchase Applications Payment Index showed that homebuyer affordability declined in January.