Total construction spending in December was estimated at rate of $2,192.2 billion (SAAR), 0.5% above the revised November estimate.
News in end use
US Multifamily Recovery Gained Momentum in Q4; Expectations High for Q1
CBRE reported that positive net absorption reached 183,600 units in Q4, the strongest fourth quarter performance on record.
US Imposes 25% Tariffs on Imported Products From Canada and Mexico and 10% Tariff on China
President Trump announced that he is imposing tariffs on imports from Canada, Mexico, and China, Reuters reported. The new tariffs take effect on February 4.
US Personal Income and Outlays for December
Personal income increased 0.4% in December; disposable personal income increased 0.4%; and personal consumption expenditures increased 0.7%.
Canadian Real GDP Contracts 0.2% in November
Real GDP decreased 0.2% in November, the largest monthly contraction since December 2023, following a 0.3% increase in October.
US Apartment Rental Asking Prices Decline for the Sixth Consecutive Month in January
The national rent index saw its sixth consecutive month-over-month decline, falling 0.2% in January, Apartment List reported.
US Real GDP Increases at an Annual Rate of 2.3% in Q4, BEA Reports in Its “Advance” Estimate
Real GDP increased at an annual rate of 2.3% in Q4, following an increase of 3.1% in Q3.
US Pending Home Sales Fall 5.5% in December
The NAR Pending Homes Sales Index declined 5.5% to a reading of 74.2 in December. Year-over-year, sales were down 5.0%.
US Mortgage Application Payments Edge Lower in December
The national median payment requested by applicants decreased from $2,133 in November to $2,127 in December, MBA reported.
US Mortgage Rates Inch Lower in the Week Ending January 30
The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 6.96%, Freddie Mac reported.