Steel Markets
Housing Starts Surge in October
Written by Sandy Williams
November 17, 2017
Housing starts leapt 13.7 percent from September to October, rising to a seasonally adjusted rate of 1.290 million and beating economists’ estimates. Single-family housing starts increased 5.3 percent, while housing of five units or more jumped 37.4 percent, reported the Commerce Department.
Data shows the South rebuilding after the devastation of the dual hurricanes earlier this year. After declining in September, starts jumped 17.2 percent in the region and permit authorizations 3 percent.
The Northeast posted a 42.2 percent gain in housing starts, mostly due to multi-family construction. Starts in the Midwest rose 18.4 percent, but declined 3.7 percent in the West.
Permit authorizations jumped 5.9 percent from September to a seasonally adjusted annual rate of 1,297,000. Single-family authorizations increased 1.9 percent month-over-month to a rate of 839,000. Authorizations of units in buildings with five units or more jumped 13.4 percent to a rate of 416,000 in October. Seasonal declines were seen in the Northeast and Midwest, while the permit authorizations rose 13 percent in the West.
October’s housing report coincides with a surge in builder confidence for newly-built single-family homes. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) in November rose to its highest level since March and the second highest since July 2005.
“Demand for housing is increasing at a consistent pace, driven by job and economic growth, rising homeownership rates and limited housing inventory,” said NAHB Chief Economist Robert Dietz. “With these economic fundamentals in place, we should see continued upward movement of the single-family housing market as we close out 2017.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
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.
Trump officially orders sweeping 25% tariff on steel, aluminum
The new version of Section 232 goes into effect on 12:01 am ET on March 12, according to the executive order. The latest iteration of Section 232 removed quotas, exemptions, and other carve outs that had accumulated over years.
Tampa Steel Conference: Two weeks to go!
With just two weeks to go, we have over 400 registered so far for the 36th annual Tampa Steel Conference. Join us and hundreds of industry executives at the JW Marriott Tampa Water Street from Sunday, February 2, through Tuesday, February 4.