News in end use

According to the ESR Group, the housing market is expected to begin a gradual return to a more normal balance in 2024, following years of substantial movement.

The Associated Builders and Contractors Construction Backlog Indicator increased to 8.6 months in December, up from 8.5 months in November.

Total US existing-home sales recorded a 1.0% month-over-month decrease in December to a seasonally adjusted rate of 3.78 million. Year-over-year, sales were down 6.2%.

The University of Michigan Index of Consumer Sentiment increased 13.1% month-over-month to a reading of 78.8 in January, up from 69.7 in December.

There were 460,000 Canadians receiving regular Employment Insurance benefits in November. That is 1.7%, or 7,900 persons, higher than in October.

Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000, down 4.3% from November but 7.6% above December 2022.

Canadian investment in building construction increased 1.7% in November to $19.8 billion (CAD). Investment in residential building construction rose 2.2% to $13.7 billion.

The National Association of Builders (NAHB)/Westlake Royal Remodeling Market Index (RMI) increased 2 points to a reading of 65 in 2023Q4, up from 63 in 2023Q3.

The 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.66%, Freddie Mac reported.

Mortgage applications for new home purchases decreased 4.0% month-over-month but were up 22.2% year-over-year, MBA reported.