Statistics Canada reported today that the total value of building permits in Canada declined in -0.6% in April to $11.7 billion (CAD). The decline in residential permits of -3.3% were offset by gains in the non-residential sector of 5.0%. Single-family home construction intentions declined -2.0%. Multi-family building permits pulled back -4.4%.
Wood Markets News
Apartment Absorption Increased in Q4 of 2021, but Completions of New Units Declined
According to data from the U.S. Census Bureau, continued improvement in the multifamily sector in Q4 of 2021 was the direct result of strong demand and low vacancy rates. Conversely, the decline in the number of apartment and condominium completions in Q4 of 2021 seemed to reflect the ongoing challenges within the supply chain.
Mortgage Rates Little Changed in the Week Ending June 2, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 2, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.09% with an average 0.8 point, down from last week when it averaged 5.10%. A year ago, at this time, the 30-year FRM averaged 2.99%.
ADP Reports Private Sector Employment Gains in May Were Closer to Pre-Pandemic Levels
According to the March ADP® National Employment Report™ released today (6-2-22), nonfarm private sector employment increased by 128,000 jobs from April to May. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
Job Cuts Down Month-Over-Month and Year-Over-Year in May 2022
According to the latest Job Cut Report from Challenger, Gray & Christmas, U.S. based employers announced 20,712 job cuts in May. This is a -14.7% decrease from 24,286 announced in April. Year-over-year, it is -15.8% lower from the 24,586 cuts announced in May of 2021.
Weekly Jobless Claims Decrease in the Week Ending May 28, 2022
The U.S. Department of Labor is reporting that an additional 200,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 28, 2022. This is a decrease of 11,000 from the previous week’s unrevised level. The 4-week moving average was 206,500.
U.S. Construction Spending Rises 12.3% Year-Over-Year and 0.2% Month-Over-Month in April 2022
On Wednesday, the U.S. Census Bureau reported that total construction spending during April 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,744.8 billion, 0.2% above the revised March estimate of $1,740.6 billion. The April figure is 12.3% above the April 2021 estimate of $1,5553.5 billion.
B.C.’s Old-Growth Logging Deferrals by the Numbers
The BC government is continuing to work through a process, which is already underway, to temporarily defer logging in priority old-growth forests. In turn, it allows the government time to work with First Nations to decide how they should be managed in the long term. Experts had identified 2.6 million hectares of unprotected old-growth forest at risk of permanent biodiversity loss.
Unfilled Construction Job Openings Exceed Record High Levels in April 2022
A closer look at the construction sector portion of today’s Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary, with additional analysis provided by the National Association of Home Builders, reveals that the construction labor market remains extremely tight, with job openings continuing to rise year-over-year.
Mortgage Applications Decline for Fifth Consecutive Week in the Week Ending May 27, 2022
According to data from the Mortgage Bankers Association, for the week ending May 27, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -3.0% compared with the previous week.