Steel Markets
Canadian Residential Construction Strong in January
Written by Sandy Williams
March 5, 2014
Canadian building permit value rose 8.5 percent in January to $7.0 billion after falling 4.8 percent in December. Higher building intentions in the residential sector more than offset building declines in the non-residential sector.
Building permits for residential construction increased to 18,366 units in January from 15,650 in December 2013. Single family dwellings permit authorization increased by 11.8 percent from the previous month and 5.3 percent year-over-year. Multiple family dwelling permits jumped 20.9 percent from December and 21.3 percent year-over-year.
In the non-residential sector increase in construction intentions for commercial buildings failed to offset declines in institutional and industrial construction. Hotel and restaurant construction contributed to a higher value for permits in the commercial sector, up 9.7 percent to $1.4 billion in January.
Statistics Canada reports seasonally adjusted data gathered from a monthly Building Permits Survey that covers 2,400 municipalities and 95 percent of the population. The data is considered a leading indicator of activity in the Canadian construction industry.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
CRU: Sheet import demand softens as domestic price gains have slowed
US domestic sheet price gains have begun to slow as previously pulled-forward demand has led to a decline in orders.
CMC looks beyond Arizona micro-mill woes to long-term viability of construction mart
Despite the economic and geopolitical upheaval of the last five years, CMC President and CEO Peter Matt points out that the construction market has been an essential element of the way forward.
US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.
Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]