News in end use

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.

The advance figure for seasonally adjusted initial unemployment claims was 187,000 during the week ending January 13th, a decrease of 16,000 from the previous week.