The National Association of Home Builders (NAHB) released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter, posting a reading of 65, declining three points compared to the previous quarter.

Construction spending on multifamily housing projects gained 0.2% in July. 

U.S. job openings have fallen to 8.8 million last month, the lowest in more than two years, according to the U.S. Bureau of Labor Statistics.

Inquiries into new projects continued to grow, but at a slightly slower pace than in the last two months. 

Confidence in the market for new multifamily housing was in positive territory for the second quarter, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB).

A lack of existing inventory and solid demand helped offset rising mortgage rates and push single-family production higher in July, even as builders continue to grapple with elevated construction and financing costs as well as a lack of skilled labor.

The Federal Reserve’s ongoing rate hikes and persistent inflation levels above historical norms have sparked fear of a potential recession among kitchen and bath professionals, but design firms in the kitchen and bath industry are experiencing a reduced average backlog of 2.6 months for projects.

Rising mortgage rates and high construction costs stemming from a dearth of construction workers, a lack of buildable lots and ongoing shortages of distribution transformers put a chill on builder sentiment in August. 

Retail sales in the United States were up 0.7% month-over-month in July of 2023, marking a fourth consecutive rise, according to the Commerce Department.

U.S. construction spending increased in June and the prior month's data was revised higher, boosted by spending in both single-family and multifamily housing projects.