3/14: MetroIntelligence Economic Update by P. DUFFY

Construction spending rose 1.3 percent in January, edged up 0.3 percent year-on-year

Construction spending during January 2019 was estimated at a seasonally adjusted annual rate of $1,279.6 billion, up 1.3 percent from December and 0.3 percent year-on-year.

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CPI rose 0.2 percent in February, up 1.5 percent year-on-year

The Consumer Price Index (CPI-U) rose 0.2 percent in February after no change in January, and was up 1.5 percent year-on-year. The ‘core’ index – which strips out food and energy – rose 0.1 percent in February after a rise of 0.2 percent in January, and was up 2.1 percent year-on-year.

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Applications rise 2.3 percent, rates slip back 3 basis points

The Market Composite Index increased 2.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 4.0 percent and refinance activity falling 0.2 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.64 percent from 4.67 percent.

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