MetroIntelligence Economic Update by P. DUFFY
April builder confidence slips another two points to 77
Builder confidence in the market for newly built single-family homes moved two points lower to 77 in April. This is the fourth straight month that builder sentiment has declined. The HMI index gauging current sales conditions fell two points to 85 and the component charting traffic of prospective buyers posted a six-point decline to 60. The gauge measuring sales expectations in the next six months increased three points to 73 following a 10-point drop in March.
Industrial production rises 0.9 percent in March and 5.5 percent year-on-year
Total industrial production advanced 0.9 percent in March and rose at an annual rate of 8.1 percent for the first quarter. At 104.6 percent of its 2017 average, total industrial production in March was 5.5 percent above its year-earlier level. Capacity utilization climbed to 78.3 percent, a rate that is 1.2 percentage points below its long-run (1972–2021) average.
Remodeling Index remains at 86 in 1Q2022, unchanged from same quarter of 2021
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter posted a reading of 86, which remained unchanged compared to the first quarter of 2021. The Current Conditions Index averaged 89, remaining unchanged compared to the first quarter of 2021. The Future Indicators Index edged down two points to 82 compared to the first quarter of 2021. The component measuring the current rate at which leads and inquiries are coming in fell six points to 80, while the component measuring the backlog of remodeling jobs increased two points to 84.