The ABC Construction Backlog Indicator fell to 8.2 months in August. Year-over-year, the CBI is down 1.0 months.
News in end use
Mortgage Applications Rise in the Week Ending September 6th—Third Consecutive Increase
Mortgage loan application volume increased 1.4% on a seasonally adjusted basis from one week earlier, MBA reported.
Commercial Mortgage Delinquencies Increase in Q2
MBA reported that commercial mortgage delinquencies increased in Q2, according to the latest data from its Commercial Delinquency Report.
Mortgage Credit Availability in August Reaches Highest Level Since July 2022
The MBA Mortgage Credit Availability Index increased 0.9% to a reading of 99.0 in August.
US Asking Rents Increase 0.9% Annually in August
The median US asking rent rose 0.9% year-over-year in August to $1,645—the biggest annual increase since April 2023—Redfin reported.
NFIB Small Business Optimism Index Declines in August, Erasing July’s Gains
The NFIB Small Business Optimism Index decreased by 2.5 points to a reading of 91.2 in August, erasing July’s gains.
Fannie Mae Home Purchase Sentiment Index® Inches Higher in August Thanks to Lower Mortgage Rates
The HPSI increased 0.6 points to a reading of 72.1 in August, as consumers reported greater optimism about the future direction of mortgage rates despite showing little change in overall homebuying sentiment.
Nonresidential Employment Increases in August, but Builder Confidence Continues to Waiver
Nonresidential construction employment increased by a net 28,300 positions August, with growth in all three subcategories, ABC reported.
US Nonfarm Payroll Increases by 142,000 in August; Unemployment Inches Lower to 4.2%
Total nonfarm payroll employment increased by 142,000 in August. This is below the average monthly gain of 202,000 over the previous 12 months.
Construction Sector Employment Leads August Nonfarm Payroll Report Higher
Employment in the construction sector increased by 34,000 positions in August, up from a gain of 13,000 in July, the BLS and NAHB reported.