News
U.S. Remodeling Spending to Slow in 2023
The fourth quarter 2022 Leading Indicator of Remodeling Activity (LIRA) predicts remodeling and repair spending will slow to 2.6% growth by December 2023 compared to 16.3% at the end of last year, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA, published quarterly, is a short-term
Q4 2022 U.S. Remodeling Confidence Dips
The National Association of Home Builders (NAHB)/Royal Remodeling Index (RMI) reported a U.S. remodeling confidence index of 66 in the fourth quarter of 2022, dropping 11 points from the third quarter and 17 points below the same period in 2021. The current market conditions indicator shrank seven points to 75 and the future indicators index
U.S. Hotel Construction Up in December
U.S. hotel construction at the end of December 2022 grew 0.3% to 159,344 rooms compared to the same month in 2021, with New York, Phoenix and Dallas leading the new supply. Rooms in “final planning” increased 15% to 213,066, but “in planning” projects fell 15.6% over December 2021 to 240,092. See STR
November Canadian Wood Product Sales Increase
Seasonally adjusted Canadian wood product sales in November 2022 were $3.62 billion (CAD), up 1.2% from October and 5% lower than the comparable month in 2021. Sales of furniture and related products totaled $1.37 billion, increasing 2.8% from October and jumping 15.3% over November 2021. Canadian manufacturing sales for all industries were $72.3 billion, mostly
Canadian Housing Starts Decline in December
The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in December 2022 was 248,625 units, 5.5% lower than November. The SAAR of urban starts decreased 5% from November at 227,708. Multiple urban starts fell 4% to 182,850, and single-family levels dropped 11% from November to 44,858. The trend in housing starts in
November Canadian Construction Investment Weakens
Canadian building construction investment in November 2022 was down 1.4% from October to $20.4 billion (CAD). Residential construction spending decreased 2% from October to $14.9 billion, while non-residential totals were 0.2% higher in November at $5.5 billion. Seasonally adjusted single-family construction spending declined 3.9% from October to $7.8 billion. Multi-unit levels grew 0.1% to $7.1
Spring Meeting Registration and Hotel Reservations Available
Registration for CPA’s 2023 Spring Meeting, April 16-18 (departure on the 19th), at the Westin La Paloma Resort in Tucson, AZ is now available. The meeting begins on Sunday with the annual golf tournament at 8am followed by the Welcome Reception at 6pm. The meeting concludes Tuesday evening with the Chairman’s Dinner following a full day’s agenda,
December Industry Snapshot Report Available Now
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Home Sales Projected to Fall After Decade of Increases
Home sales in 2023 are expected to fall to the lowest level since 2011, with high mortgage rates and inflation cited as the driving factors, according to Redfin. The residential real estate brokerage also anticipates that builders will slow the new single-family home construction rate and shift spending to multifamily units. Home prices are projected
U.S. Builder Confidence Improves in January
U.S. builder confidence for new single-family homes in January climbed four points from December to 35, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions increased four points to 40, while the measurement of sales expectations in the next six months rose two points
December U.S. Housing Starts Decrease
U.S. housing starts in December 2022 were at a seasonally adjusted annual rate of 1.38 million, dropping 1.4% from November and 21.8% lower than the comparable month in 2021. Single-family starts increased 11.3% from November to 909,000. U.S. building permits in December were at a seasonally adjusted annual rate of 1.33 million, shrinking 1.6% from
U.S. Remodeling Spending to Slow in 2023
The fourth quarter 2022 Leading Indicator of Remodeling Activity (LIRA) predicts remodeling and repair spending will slow to 2.6% growth by December 2023 compared to 16.3% at the end of last year, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA, published quarterly, is a short-term