Severe weather froze the construction industry in February, contributing to an employment loss of 61,000 workers, said the Associated General Contractors of America in an analysis of government data. The sector’s unemployment rate soared 9.6% last month. Total construction employment was 7,340,000, a 4.0% drop from the most recent peak in February 2020. “The steep decline […]
The Dodge Momentum Index jumped 7.1% in February to register 149.0 for the highest level in nearly three years. The index is a monthly measure of the first report of nonresidential projects in planning, shown to lead construction spending by a full year. A surge of large projects entered the planning phase last month, said […]
It took 20 years, but the nation’s infrastructure GPA is no longer in the D range. The 2021 Report Card issued by the American Society of Civil Engineers gives America’s infrastructure a C-, a passing grade that still leaves plenty of room for improvement. Rail transit was the brightest spot in this year’s report, receiving […]
General Motors has extended production shutdowns at three North American plants because of a continuing microchip shortage. In addition, the automaker said it would take downtime at its Gravatai plant in Brazil. “Our intent is to make up as much production lost at these plants as possible,” a GM spokesman said on Wednesday, March 3. […]
Nonresidential construction spending expanded for the first time in seven months, according to a new analysis of January federal construction data by the Associated General Contractors of America. Total construction spending was $1.52 trillion in January, up 1.7% from December and 5.8% from January 2020. Combined private and public nonresidential construction spending climbed 0.9% from […]
The semiconductor shortage that has forced North American automakers to temporarily halt production at some assembly plants has spilled into the home appliance industry as well. The situation is severe enough that the Association of Home Appliance Manufacturers (AHAM), a lobbying group, has warned about potential re-allocations of semiconductors from that sector to others. There […]
President Joe Biden has signed an executive order officially implementing a U.S. supply chain review for critical products such as semiconductors – a lack of which has led to widespread automotive production outages. “Recent shortages of automotive semiconductor chips have forced slowdowns at car manufacturing plants, highlighting how shortages can hurt U.S. workers,” the White House said […]
Sales of newly constructed single-family homes leapt 4.3% in January to a seasonally adjusted annual rate of 923,000, said the U.S. Census Bureau and HUD. Sales compared to a year ago soared 19.3%. “Historically low mortgage rates and solid demand spurred an increase in new home sales in January, with the sales pace more than 19% […]
Home prices continued to accelerate through December, culminating in the highest annual gain in seven years. The National Composite Index for the S&P CoreLogic Case-Shiller Indices rose 10.4% in December compared to a year ago. “As COVID-related restrictions began to grip the economy in early 2020, their effect on housing prices was unclear,” said Craig […]
Auto assemblies in North America took a step back in January after seeing a strong end to 2020. Although the U.S. market continues to rebound from the effects of the pandemic, domestic light vehicle sales fell by 3.1% in January compared to year-ago levels, according to LMC Automotive (LMCA). Canada’s light vehicle sales were down […]
Finding that perfect house just became harder. The National Association of Realtors reports that inventory of existing homes at the end of January fell to a record low of 1.04 million units, a whopping 25.7% decline year-over-year. At the current sales rate, supply is at an all-time low of 1.9 months. Sales for the month […]
Soaring prices and delivery delays for steel, lumber and other materials are squeezing the finances of construction firms already burdened by the pandemic, said the Associated General Contractors of America. The trade group called on the Biden administration to review and rescind a range of trade tariffs, which it claims are contributing to unmanageable price […]
Severe winter weather across North America has forced automakers to reduce shifts or temporarily halt production from Michigan to Mexico. But the impact–not only of the weather but also of natural gas shortages and power outages–appears to be more fleeting than the problems posed by a microchip shortage, which has caused some plants to shut […]
Housing starts slowed in January as contractors struggle to build affordable homes amidst rising construction costs. Housing starts slid 6.0% in January to a seasonally adjusted annual rate of 1.58 million, according to the latest report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. “The weakness in housing starts […]
December heating and cooling equipment shipments totaled just over 1.8 million units, up 8.9% from November and up 12.2% from levels one year prior, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments for 2020 reached 22.2 million units, up 6.8% over both 2019 and 2018. As seen in the […]
The Biden administration plans to address the semiconductor shortage that has hobbled North American automotive production as it reviews “potential choke points” in industrial supply chains. The semiconductor shortage is also “one of the central motivations for the executive order the president will sign in the coming weeks to undertake a comprehensive review of supply […]
General Motors warned that high steel and metals prices combined with a global chip shortage could cost it billions. “We expect commodity prices to be a significant headwind as platinum group metals and steel prices have seen major increases in recent weeks and months,” GM Chief Financial Officer Paul Jacobson said in a recent earnings […]
Total construction expenditures rose further in January to about $1.52 trillion, up 1.7% from December’s revised estimate of $1.50 trillion, reported the U.S. Census Bureau. The year-on-year comparison is rather remarkable, as the January figure is 5.8% above the year-ago, pre-pandemic estimate of $1.44 trillion. Although the economy is still in recovery mode, the construction sector continues to […]
General Motors has extended production shutdowns stemming from a microchip shortage at three North American plants through at least mid-March. The move impacts GM’s Fairfax assembly plant in Kansas, its CAMI assembly plant in Ingersoll, Ontario, and its San Luis Potosi plant in Mexico, the company said on Tuesday, Feb. 9. GM had already effectively stopped […]
Losses in construction employment continue to worry the industry, said the Associated General Contractors of America in their January analysis of government data. January’s unemployment rate was 9.4 percent, compared to 5.4 percent in January 2020, with 3,000 jobs lost last month. AGC estimated 938,000 former construction workers were unemployed in January, compared to 515,000 […]
Adoption of electrical vehicles is beginning to accelerate as consumer fears of “range anxiety” are quelled by longer range batteries and more charging stations that are appearing in the public domain. It’s a bit of a “field of dreams” scenario for the EV market—if you build it (the infrastructure), they (drivers) will come. A webinar […]
A global semiconductor shortage continues to hobble automotive production in North America with Ford and Stellantis poised to cut production at assembly plants making some of the most popular vehicles in the U.S. Ford’s Dearborn, Mich., truck plant will run one of three production shifts the week of Feb. 8. And its Kansas City, Mo., assembly […]
The Dodge Momentum Index, a measure of the first report for nonresidential construction projects in planning, gained 3.1% in January to register 139.4 The commercial component of the index jumped 9.9% offsetting an 11.7% decrease in the institutional component. “January’s increase marked the highest level in the Momentum Index since the COVID-19 pandemic began,” said […]
Multiple major North American automakers have or will temporarily halt production because of a semiconductor shortage, something that could have an impact on steel and scrap prices. General Motors will effectively stop production at three assembly plants–one each in the United States, Canada and Mexico–next week because of a semiconductor shortage, the company confirmed. GM […]
Auto assemblies in North America bounced back robustly and surpassed pre-pandemic levels to close out 2020. Despite a production shutdown in March to stop the spread of COVID-19, U.S. auto sales ended the year just slightly below the initial 16.7 million forecast at 16.4 million units, according to LMC Automotive (LMCA). U.S. Vehicle Sales Figure […]
The U.S. is experiencing a housing construction boom, but nonresidential construction projects are dwindling as pre-pandemic starts are completed and new projects are put on hold, said the Associated General Contractors of America. As a result, more than half of metro areas reported a decline in construction employment from December 2019 to December 2020. “A […]
Total construction expenditures rose further in December 2020 to $1,490.4 billion, a 1.0 percent gain on the revised November estimate of $1,475.6 billion, according to the U.S. Census Bureau. Despite a health crisis that marred most of 2020, year on year the figure is 5.7 percent above the December 2019 estimate of $1,410.3 billion. The report goes […]
A global microchip shortage could prove more disruptive to North American auto assembly plants than initially expected, according to some market participants. Nissan’s truck assembly plant in Canton, Miss., has had to slow production because of the microchip shortage, the company confirmed. General Motors–the largest automaker in the U.S.–has not been impacted “as of now,” […]
Sales of new single-family homes jumped 1.6 percent from November to December, according to the latest Commerce data. Sales were at a seasonally adjusted annual rate of 842,000, 15.2 percent above the December 2019 estimate. Median sales price was $355,900 and average sales price was $394,900. The seasonally adjusted inventory at the end of December […]
Construction employment remains below pre-pandemic levels in 34 states despite gains in 37 states and the District of Columbia in December, according to an analysis of federal data by the Associated General Contractors of America. The data reflects the broad impact of the pandemic and the need for additional coronavirus recovery measures, said AGC. “While […]