Mortgage loan application volume increased 2.2% on a seasonally adjusted basis from one week earlier, MBA reported.
News in end use
ADP® Reports Private Sector Employment and Compensation Both Increased in January
US private sector employment increased by 183,000 jobs in January, ADP reported. Meanwhile, compensation was up 5.7% year-over-year.
US Construction Labor Market Continues to Soften in December
The number of open construction sector jobs declined from a revised 272,000 in November to just 217,000 in December, the BLS and NAHB reported.
Canadian Building Construction Costs Increase in Q4
Residential building construction costs rose 0.8% in Q4, following a 0.9% increase in Q3. Nonresidential building construction costs also increased 0.8%.
Poor Selling Conditions Weigh on Canadian Builder Sentiment
The CHBA Housing Market Index for Q4 showed that poor selling conditions are leading to a further decline in the sentiment of Canada’s homebuilding industry, the Journal of Commerce reported.
US Job Openings and Labor Turnover Summary for December
Job openings fell to 7.6 million by the end of December, a decrease of 556,000 from the previous month. Year-over-year, openings were down by 1.3 million.
US to Pause Tariffs on Canada and Mexico for 30 Days
President Trump announced he would pause implementation of tariffs on Mexico and Canada for 30 days, AP reported.
US Construction Spending Rises 0.5% in December
Total construction spending in December was estimated at rate of $2,192.2 billion (SAAR), 0.5% above the revised November estimate.
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.