Steel Markets
Housing Starts Beat Expectations in July
Written by Sandy Williams
August 19, 2014
Housing starts accelerated in July to a seasonally adjusted annual rate of 1,093,000, up 15.7 percent from the previous month and 21.7 percent above the July 2013 SAAR, according to reports by the Commerce Department. Single family housing starts were up 8.3 percent from June while starts of multi-family housing of 5 units or more rose 33 percent.
Housing starts in July were higher than the 969,000 predicted by economists polled by Reuters.
“July’s increase in starts combined with rising builder sentiment proves that June’s production dip was more of an anomaly than a reversal of the market,” said National Association of Home Builders Chief Economist David Crowe. “We should continue to see a gradual, consistent recovery throughout the rest of the year.”
Building permit authorizations increased 8.1 percent to a SAAR of 1,052,000. The July rate was 7.7 percent higher than the rate in July 2013. Single family authorizations were up 0.9 percent from June while authorization for housing of five units or more increased 23.6 percent
Housing completions for privately-owned housing were at a seasonally adjusted annual rate of 841,000, up 3.7 percent from the previous month, and 8.0 percent from the previous year. Single family housing completions rose 6.2 percent from the previous month. Multi-family housing completions fell 4.3 percent from June.
Gains for combined housing starts in the Northeast, South and West increased by 18.8 percent, 9.6 percent and 7.2 percent, respectively, over June rates. The Midwest saw a 0.6 percent decline in housing starts.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
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, […]
HVAC equipment shipments slow in December but strong annually
Shipments of heating and cooling equipment in the US fell to an 11-month low in December, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Apparent steel supply rebounds in December, but 2024 total at 4-year low
Apparent US steel supply rebounded in December, but 2024 was still the lowest level for supply since 2020.