Existing-home sales declined slightly from March to April, slipping 0.4 percent to a seasonally adjusted annual rate of 5.19 million. Sales were down 4.4 percent from April 2018, said the National Association of Realtors. Lawrence Yun, NAR’s chief economist, said he is not overly concerned about the dip in sales and expects moderate growth very […]
Housing starts jumped 5.7 percent in April to a seasonally adjusted annual rate of 1,235,000, said the Department of Commerce in its latest report. Single-family starts led the way with a 6.2 percent increase, while homes of five units or more increased 2.3 percent. Starts soared by 84.6 percent in the Northeast and 42 percent […]
The Dodge Momentum Index, a measure of the initial report for nonresidential building projects in planning, slipped 0.5 percent in April to a reading of 144.3. The Index has been shown to lead construction spending for nonresidential buildings by a full year. April’s slide was due to the commercial component falling 1.0 percent, while the […]
Private construction contracted in three months through March, but state and locally funded work, including infrastructure, is booming, according to Steel Market Update’s analysis of the latest Commerce Department data. The Construction Put in Place (CPIP) expenditures data for March was released on May 1. Through March, total construction has negative momentum. Private construction contracted […]
U.S. auto sales slipped 2.3 percent in April for a seasonally adjusted annual rate of 16.41 million, according to data by AutoWeek. The April rate was well below the sales rate of 17.42 million in March and 17.25 million in April 2018. Higher vehicle prices and difficulty securing financing may be keeping consumers from dealer […]
The Associated General Contractors of America (AGC) said that federal officials can help ensure more metro areas have enough trained workers to carry out needed construction by providing a way for contractors to bring qualified guest workers into the country, coupled with strict safeguards for American jobs and reduced incentives for individuals to enter the […]
Home price growth reported in the S&P Core-Logic Case-Shiller National Home Price NSA Index slowed in February, rising just 4.0 percent annually from 4.2 percent in January. The 20-city composite rose just 0.2 percent for the slowest pace of month-over-month growth since September 2012. Year-over-year, the index rose 3.0 percent. The pace of increases for home […]
Caterpillar manufacturing costs escalated in first quarter by $375 million compared to a year ago on higher steel prices, freight and variable labor costs. “These higher costs, while unfavorable, were improved from the fourth quarter levels. Material costs included a direct tariff expense in the first quarter of about $70 million, in line with what […]
The construction industry is struggling to fill labor demands and urges the government to allow the sector to bring in qualified guest workers from other countries. Thirty-eight states added construction jobs between March 2018 and March 2019, while construction employment increased in 29 states between February and March, says a new analysis of Labor Department […]
Housing starts showed continued weakness in March, dipping 0.3 percent from February’s downwardly revised data to a seasonally adjusted annual rate of 1,139,000. Housing starts were 14.2 percent below the rate in March 2018. Single-family home starts dipped 0.4 percent from the previous month to the lowest level since September 2016. Starts for multi-dwelling homes […]
Existing home sales fell more than expected in March following a surge in sales in February. March transactions dropped 4.9 percent from the previous month to a seasonally adjusted annual rate of 5.21 million, said the National Association of Realtors. Sales retreated in all four U.S. regions with the Midwest posting the largest decline. March […]
Sales of new homes rose for the third consecutive month in March to a seasonally adjusted annual rate of 692,000 units, according to the Commerce Department on Tuesday. Sales were 4.5 percent higher than February’s revised rate and 3.0 percent above the March 2018 estimate. The positive March report was a surprise to economists polled […]
Material Sciences Corporation was honored with a 2019 Automotive News PACE Award for its MSC Smart Steel®, a new multilayer steel laminate engineered as a direct substitute for low carbon stamped vehicle body parts. Offering up to a 35 percent mass savings compared with same-thickness standard steel, MSC Smart Steel is produced as a coil, […]
A new national poll shows that voters want infrastructure to be the top priority for Congress and the president, says the Alliance for American Manufacturing. In the AAM national survey conducted by the Mellman Group and Public Opinion Strategies, 80 percent of 1,200 likely voters in the 2020 general election chose repairing roads, bridges, water […]
Construction activity in the U.S. is at an all-time high—but slowing. The Construction Put in Place (CPIP) expenditures data for February was released on April 1. Commerce Department data releases have now recovered from the government shutdown delays. Through February, total construction has negative momentum, but state and locally funded work, including infrastructure, had strong […]
The construction industry added 16,000 jobs in March and 246,000 jobs in the past 12 months, according to an analysis of new government data by the Associated General Contractors of America. “Construction employment rebounded in March, indicating that the dip in February was probably related to extreme weather conditions and not the beginning of a […]
The Dodge Momentum Index rose a slim 0.5 percent in March to 145.5. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the initial report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. Institutional planning fell 3.0 […]
Heating and cooling equipment shipments totaled 1.49 million units in February, up 0.7 percent compared to one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Excluding the 5.1 percent slip last September, total monthly equipment shipments on a year-over-year basis have increased every month since November 2016. Residential […]
Major U.S. automakers reported weaker sales in March, in line with analysts’ forecasts. Cox Automotive expects auto sales volume for the month to drop 7 percent year-over-year to 1.547 million. The seasonally adjusted annual rate is forecast at 16.5 million vehicles. “The year has started relatively soft for new-vehicle sales,” notes Jonathan Smoke, chief economist […]
Construction spending increased 1.0 percent in February following a 2.5 percent gain in January, reported the Associated General Contractors of America in its latest analysis of government data. Construction spending totaled $1.32 trillion in February, up 1.0 percent from the January rate and a gain of 1.1 percent compared to February 2018. Public construction accounted […]
Sales of new single-family homes were at an 11-month high in February. Sales rose to a seasonally adjusted annual rate of 667,000, a 4.9 percent gain from January and a 0.6 percent increase from February 2018, the Commerce Department said on Friday. “This is a welcome bounce back for new home sales…and adds another hill […]
General Motors will build its new electric Chevy at its Orion Township plant in Michigan. The auto manufacturer announced it will invest $300 million at the facility as part of its $1.8 billion investment strategy for the U.S. The electric vehicle, originally slated for overseas assembly, will add 400 jobs at the plant. CEO Mary […]
Housing starts took a tumble in February, dropping 8.7 percent below January’s level for a seasonally adjusted annual rate of 1,162,000. Single-family starts plummeted 17.0 percent, although apartment-style housing of five units or more jumped 23.5 percent. Starts declined in all regions except the Midwest, which saw a gain of 26.8 percent for the month. […]
Thirty-seven states added construction jobs between February 2018 and February 2019, although construction employment increased in only 16 states between January and February, according to an analysis by the Associated General Contractors of America of Labor Department data. “Although job growth remains widespread on a year-over-year basis, the combination of exceptionally bad weather and record […]
Existing home sales jumped 11.8 percent in February for its largest month-over-month gain since December 2015. The seasonally adjusted annual rate rose to 5.51 million, strongly rebounding from January, said the National Association of Realtors. Sales compared to a year ago were down 1.8 percent. “A powerful combination of lower mortgage rates, more inventory, rising […]
Toyota hopes to prevent becoming a victim of auto tariffs by investing in its U.S. operations. The company has increased its 2017 pledge to invest $10 billion by 2021 to a new target of $13 billion. Toyota’s announcement last week includes $750 million for capacity increases and building expansions at Toyota’s plants in Huntsville, Ala., […]
Due to the government shutdown, this our first construction update since the October data was released on Dec. 3. The Construction Put in Place (CPIP) expenditures data for November through January was released on March 13. The results for total construction were disappointing with slowing growth in November, December and January. This was not a […]
Total heating and cooling equipment shipments in January rose 6.6 percent compared to one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Excluding the 5.1 percent slip last September, total monthly equipment shipments on a year-over-year basis have increased every month since November 2016. Residential and commercial storage […]
United Autoworkers are gearing up for contract negotiations this summer and are ready for a fight. At the UAW bargaining convention in Detroit last week, the UAW announced the negotiating teams for FCA and General Motors. Bargaining will be led by UAW President Gary Jones along with department directors Cindy Estrada at FCA and Terry […]
Sales of new single-family homes slowed in January following upward revisions of data for the previous two months. Sales dipped 6.9 percent from December to a seasonally adjusted annual rate of 607,000, said Commerce in a delayed report. The January rate fell 4.1 percent from the year-ago estimate of 633,000. “Combined with lower mortgage interest […]