The Department of Labor announced its final rules for the Industry-Recognized Apprenticeship Programs with the glaring exclusion of programs for the construction industry. “It remains troubling that the administration has wasted so much time, energy and political capital in creating a new apprenticeship program that is both deeply flawed and fails to address construction workforce […]
In January, total construction continued to boom with a 5.1 percent year-over-year growth rate Total construction is enjoying a remarkable turnaround with positive momentum in all sectors. The January results for total construction spending yielded the best growth rate for 15 months. Growth is being led by state and locally funded work including infrastructure, but […]
The construction industry’s unemployment rate hit a new February low of 5.5 percent, according to an analysis of new government data by the Associated General Contractors of America. Construction employment increased by 42,000 jobs in February and by 223,000, or 3.0 percent, over the past 12 months. AGC officials said some of the gains were […]
Nonresidential construction planning slowed in February, according to the latest report from Dodge Data & Analytics. The Dodge Momentum Index moved 1.8 percent lower to 148.7 from the revised January reading of 151.4. The Momentum Index is a monthly measure of initial reports for nonresidential building projects in planning, which have been shown to lead […]
February was a good month for auto sales, with automakers posting higher sales as buyers took advantage of incentives and President’s Day discounts. Toyota sales moved up 12 percent to 194,152 units, while Honda sales gained 4.2 percent. Hyundai sales were driven by consumer enthusiasm for crossover vehicles, gaining 15.8 percent for the month. Most […]
Construction spending increased 1.8 percent to $1.369 trillion in January, according to a new analysis of federal data by the Associated General Contractors of America. “Public spending on infrastructure, along with single-family housing, was exceptionally robust in January,” said Ken Simonson, the association’s chief economist. “While overall economic conditions remain favorable, future construction spending levels […]
Sales of new homes in January jumped 7.9 percent from December to a seasonally adjusted annual rate of 764,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. Sales were 18.6 percent higher than the January 2019 estimate. “The January sales pace matches what builders are saying in NAHB surveys – […]
This report is based on data from LMC Automotive for automotive assemblies in the U.S., Canada and Mexico. The breakdown of assemblies is “Personal” (cars for personal use) and “Commercial” (light vehicles less than 6.0 tonnes gross vehicle weight rating, heavy trucks and buses are not included). In this report we will briefly describe light […]
Heavy equipment manufacturer John Deere sees early signs of improvement in the U.S. agriculture sector, following the passage of USMCA and the Phase 1 trade agreement with China. “U.S. farm cash receipts are expected to increase in 2020, aided in part by the recently announced third tranche of market facilitation payments, which totaled $3.6 billion, […]
Home prices, as reported by S&P Dow Jones, rose at a modest rate in December 2019. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. Census divisions, reported a 3.8 percent annual gain in December, up from 3.5 percent in November. S&P Dow Jones noted that following a period of […]
Existing-home sales started the year strong at a seasonally adjusted rate of 5.46 million in January. Sales slipped 1.3 percent from December, but were up 9.6 percent from a year ago. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales,” said Lawrence Yun, chief […]
Architecture firms reported an increase in business in January. The American Institute of Architects’ Architecture Billings Index rose to 52.2 last month, compared to a revised score of 52.1 in December. New project inquiries and new design contracts for nonresidential construction posted scores of 57.9 and 56.0, respectively. “Despite the continued presence of volatility in […]
Housing starts slowed in January but remained at a solid pace, while building permits surged to a 13-year high. January starts were down 3.6 percent from December to an adjusted annual rate of 1,567,000, but were 21.4 percent higher than a year ago. Construction starts for single-family homes fell 5.9 percent compared to December. Multi-family […]
December heating and cooling equipment shipments came in at 1.61 million units, up 0.6 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the second consecutive month that total shipments have increased on a year-over-year basis. Residential and commercial storage water heater […]
Automakers are being challenged to put their best vehicles forward in the fight against climate change. Europe’s new emissions regulations for passenger and light commercial vehicles went into effect as of Jan. 1 this year. Going forward, auto manufacturers selling cars in the EU will work toward a 15 percent reduction of CO2 emissions by […]
The American Trucking Association appealed for the implementation of a fuel tax to support highway and border infrastructure during recent testimony in Washington by President and CEO Chris Spear. “The fuel tax is the most immediate, cost-efficient and conservative mechanism currently available for funding surface transportation projects and programs. Collection costs are less than 1 […]
The Dodge Momentum Index fell 2.7 percent in January to 152.5 following four months of gains. The index is a measure of the first report of nonresidential projects in planning, which have been shown to lead construction spending by a full year. Planning for commercial projects increased 2.7 percent, but a 11.0 percent decline in […]
Steel Market Update is pleased to share this Premium content with Executive members. For more information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The November and December results for construction spending are suggesting a turnaround. December’s growth rate was the best in the past 13 months. The growth of private construction almost […]
Construction spending slowed in December, but contractors remain optimistic about new projects for 2020. Construction spending dipped 0.2 percent from November to December due to a decline in nonresidential project spending. A 1.4 percent jump in private residential spending, supported by a 2.7 percent increase in single-family home construction, failed to offset a decline in […]
Automotive sales were up year-over-year for most automakers that reported data for January. Sales last month rose 1.0 percent to a seasonally adjusted annual rate of 17.1 million vehicles, according to auto research firm Edmunds. Automotive sales declined 1.6 percent in 2019 to 17.1 million vehicles. Edmunds expects sales for 2020 to be flat, but […]
New home sales were essentially flat in December, edging down 0.4 percent from November to a seasonally adjusted annual rate of 694,000, according the latest data by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to December 2018, sales increased 23.0 percent. Sales for the full year, however, rose 10 […]
Average home prices increased 3.5 percent year-over-year in November, according to the latest release of the S&P CoreLogic Case-Shiller National Home Price Index. The 20-City Composite rose 2.6 percent, up from a 2.2 percent annual gain in October. “With the month’s 3.5 percent increase in the national composite index, home prices are currently 59 percent […]
The construction industry added jobs in 34 states and D.C. between December 2018 and December 2019, and 29 states added construction jobs in December, according to an analysis by the Associated General Contractors of America of Labor Department data. Contractors say more jobs will be added to payrolls in 2020, but 81 percent of firms […]
Existing home sales grew 3.6 percent in December, bouncing back from a slight decline in November and jumping 10.8 percent from a year ago. The National Association of Realtors reported existing home sales were at a seasonally adjusted annual rate of 5.54 million in December. For 2019, total sales ended on a par with 2018 […]
Steel and aluminum producers agree that lighter, more fuel-efficient vehicles are better for the environment—but that’s where the consensus ends. In letters to the editor published recently by Automotive News, the American Iron and Steel Institute and the Aluminum Association wielded dueling studies to support their claims that theirs is the material of choice to […]
Housing starts jumped 16.9 percent from November to December to a seasonally adjusted annual rate of 1,608,000. Compared to a year ago starts soared 40.8 percent. Single-family starts increased 11.2 percent, while construction with five units or more leapt 32 percent. Starts were strongest in the Midwest and Northeast, increasing 37.3 percent and 25.5 percent […]
Contractors are confident there will be plenty of construction projects in 2020 but are struggling to find qualified workers to hire. Construction employment increased by 20,000 jobs in December and by 151,000, or 2.0 percent, in all of 2019, says an analysis of new government data by the Associated General Contractors of America. “More than […]
November heating and cooling equipment shipments came in at 1.45 million units, up 0.4 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Residential and commercial storage water heater shipments rose 3.5 percent year over year to a combined 701,383 units; 684,329 units were […]
A leading indicator of nonresidential construction spending rose in December, but yearly data suggests construction spending may see a slowdown in 2020. The Dodge Momentum Index, a monthly measure of the initial report for nonresidential building projects in planning, gained 1.5 percent last month for a reading of 156.2. Planning for institutional projects rose 2.3 […]
The Congressional Budget Office expects the U.S.-Mexico-Canada Agreement to result in higher than expected tariff revenue for the United States on motor vehicles and parts due to stricter rules of origin and labor value content requirements. Included in the revenue calculation is an estimated $3 billion in tariffs to be paid by automakers over the […]