ISSUE NO. 42 — JULY 29, 2019
Job Growth and Lower Mortgage Rates Support Single-Family Construction
Job growth and lower mortgage rates are the positive economic variables that will support near-term growth for single-family construction. In June, 224,000 jobs were added to the nation’s workforce, as the unemployment rate held at just 3.7%.

However, the low unemployment is further aggravating the scarcity of skilled laborers. In May, there were 369,000 unfilled jobs in the construction sector.

Likewise, lower mortgage interest rates — averaging near 3.8% for a 30-year fixed-rate, according to Freddie Mac — are helping to promote housing demand, although on a limited basis.

For example, pending sales of existing homes increased 1.1% in May. However, those sales were still down on a year-over-year basis — the 17th straight month of such declines, largely due to ongoing housing affordability constraints.
Did You Know
First Supply supplies inlet filters?
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Mark Mracek - Mracek Plumbing & Heating
First Supply is a leading main channel distributor providing industrial customers and building contractors with an extensive line of products and services. First Supply features product lines in the hvac, plumbing, waterworks, well & septic, industrial pvf and municipal markets.