On the rise: Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices. Some 333,537 home equity loans were taken out by homeowners in the third quarter last year, according to data from TransUnion. That’s about a 47% increase from the same quarter in 2021, the most home equity loans on records going back to 2010. Read more.
Russia cutting back: Oil prices edged up Friday as Russia announced plans to cut its production by 500,000 barrels a day starting next month, in retaliation for the price cap the U.S. and Europe are imposing on its fuel exports. The move will effectively reduce Russia’s output by about 5%. The cut is relatively modest in the context of the global oil supply, but it signals that Russia could further reduce its output. Read the full story from The Washington Post.
Labor demand: The construction industry is still in hiring mode and likely will be for the next few years, according to Associated Builders and Contractors. The construction industry needs to attract 546,000 new workers this year—on top of the normal pace of hiring—to meet its expected demand for labor. Read the full story from Axios.
