Builder confidence, as measured by the NAHB/Wells Fargo Housing Market Index, fell eight points in November to its lowest reading since mid-2016. The index posting of 60 was still in positive territory, but indicated caution among builders. “Builders report that they continue to see signs of consumer demand for new homes but that customers are […]
Builder confidence in the market for newly-built single-family homes fell four points to 56 in December on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) as concerns over housing affordability persist. Although this is the lowest HMI reading since May 2015, builder sentiment remains in positive territory. “We are hearing from builders […]
Housing starts rebounded in October due to multi-family construction, while single-family starts continued to decline. Overall housing starts were 1.5 percent higher from September to October for a seasonally adjusted annual rate of 1,228,000, according to Commerce data. Multi-family starts were up 6.2 percent, but single-family starts declined 1.8 percent. Starts climbed 32.9 percent in […]
The price of new nonresidential buildings accelerated in October as contractors attempted to recoup fast-rising costs for materials and labor, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials said that trade tensions and labor shortages are contributing to higher construction prices, making it harder for […]
The Associated General Contractors of America urged the newly elected Congress to work together to make infrastructure funding a top priority in 2019. A statement from the chief executive officer of AGC, Stephen E. Sandherr, follows: “We congratulate all the winners from tonight’s election and look forward to having the opportunity to educate newly elected […]
The Dodge Momentum Index moved lower in October, dropping 4.2 percent from September to a reading of 150.5. The index, published by Dodge Data & Analytics, is a monthly measure of the first report for nonresidential projects in planning, which have been shown to lead construction spending by a full year. Commercial and institutional planning both […]
Construction is experiencing strong growth led by nonresidential building and infrastructure expenditures. On Nov. 1, the Commerce Department released the Construction Put in Place (CPIP) expenditures data for September. The growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to 4.2 percent in September. On a […]
Construction employment increased by 30,000 jobs in October and by 330,000 jobs over the past year, topping 7.3 million for the first time since April 2008, while the industry’s average pay jumped and unemployment decreased to a historic low, according to an analysis of new government data by the Associated General Contractors of America. Despite […]
Total heating and cooling equipment shipments in September fell 5.1 percent compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Wednesday. Prior to September, total monthly equipment shipments on a year-over-year basis had increased every month since October 2016 (22 months). Residential and commercial storage water […]
Construction spending hit a seasonally adjusted annual rate of $1.329 trillion and grew 5.5 percent for nine months of 2018, with continued year-to-date gains for major public and private categories, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while demand for construction should remain […]
Robust demand offset increased vehicle pricing and higher interest rates last month, keeping U.S. auto sales strong in October, although weaker than a year ago. October sales were expected to be impacted by replacement buying due to hurricane damage in the South. There was also one extra selling day in the month. “Many signs in […]
The American Iron and Steel Institute continues to support the Trump administration’s plan to ease vehicle fuel economy and emissions standards. In a submission to the EPA during the public comment period that ended Oct. 26, AISI expressed its support of the general direction of the proposal, which would establish a standard that balances the […]
The S&P CoreLogic Case-Shiller Indices showed annual home price gains dipped below 6.0 percent for the first time this year posting at 5.8 percent, indicating price gains may be weakening. After seasonal adjustment, the National Index rose just 0.6 percent month-over-month. The 20-city Composite eased downward 0.4 percent from July to register a 5.5 percent […]
Sales of new homes fell in September to a seasonally adjusted annual rate of 553,000, the lowest level since December 2016. Sales dropped 5.5 percent from the previous month and 13.2 percent from September 2017, according to the latest report from the Commerce Department. “Home price gains and rising interest rates are slowing down the […]
Existing home sales fell in September after a flat August with sales declining in all regions. September sales were a clear shift in the housing market, said the National Association of Realtors, with homes taking slightly longer to sell. Existing home sales declined 3.4 percent from August to a seasonally adjusted annual rate of 5.15 […]
Housing starts dropped 5.3 percent in September to a seasonally adjusted annual rate of 1,201,000, falling more than expected by economists. Multi-family housing led the decline, falling 12.9 percent, compared to 0.9 percent for single-family homes. Compared to a year ago, starts were 6.4 percent higher, said the Census Bureau and HUD. “Slight gains off […]
Heating and cooling equipment shipments in August were up 3.6 percent compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Wednesday. On a year-over-year basis, total monthly equipment shipments have increased every month since October 2016. Residential and commercial storage water heater shipments declined 7.9 percent […]
Planning activity for construction of nonresidential buildings declined in September, according to the latest Dodge Momentum Index. The Index slid 2.6 percent to a reading of 159.5. Both commercial and institutional planning projects were lower in September, falling 4.3 percent and 0.1 percent, respectively. The Index has dropped for two consecutive months, but on a […]
Construction in the United States is experiencing strong growth led by infrastructure expenditures, according to Steel Market Update’s latest analysis of Commerce Department data. On Oct. 1, Commerce released the construction put in place (CPIP) expenditures data for August. The growth of total construction on a rolling 12-month basis year over year increased from 2.1 […]
U.S. automotive sales fell 5.5 percent year-over-year in September. Depending on one’s perspective, they were either good, at a seasonally adjusted annual rate 17.54 million, or a portent of worse times to come. General Motors, which no longer reports monthly sales, said third-quarter sales plunged 11 percent and estimates put September sales down a dismal […]
Sales of new homes increased last month despite affordability issues related to building costs. Sales of new single-family homes rose 3.5 percent in August compared to July and were 12.7 percent higher than in August 2017. The seasonally adjusted annual rate was estimated at 629,000. Sales were strongest in the Northeast, soaring 47.8 percent from […]
Home prices grew at a slower rate in July, according to the latest S&P CoreLogic Case-Shiller Index. The National Home Price NSA Index posted an annual gain of 6.0 percent, down from 6.2 percent in June. The 20-City Composite was at an 11-month low, posting a 5.9 percent year-over-year increase compared to 6.4 percent in […]
Housing starts rebounded in August after a lackluster gain in July. Data from HUD and Commerce show new residential housing starts jumped 9.2 percent to a seasonally adjusted annual rate of 1,282,000 from the upwardly revised July SAAR of 1,174,000. Starts were 9.4 percent higher than August 2017. The increase took economists by surprise and […]
Existing-home sales were flat in August, halting a four-month decline, said the National Association of Realtors. Sales of single-family homes, townhomes, condos and co-ops were at a seasonally adjusted annual rate of 5.34 million last month, down 1.5 percent from a year ago. “Strong gains in the Northeast and a moderate uptick in the Midwest […]
Construction costs are escalating due to labor costs and tariffs on critical materials. Although declining 0.8 percent from July to August, prices for construction goods such as diesel fuel, steel, aluminum, asphalt and gypsum products have risen 6.2 percent since the beginning of the year, said the Associated General Contractors of America in a recent […]
The Dodge Momentum Index fell 2.9 percent in August to a reading of 164.1. The Momentum index is a monthly measure of the initial report for nonresidential building projects in planning. Commercial construction led the decrease, falling by 6.1 percent after rising 25 percent in the first seven months of 2018. “While commercial planning did fall […]
Heating and cooling equipment shipments were up 6.5 percent in July compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Friday. Residential and commercial storage water heater shipments were up 3.7 percent year over year to a combined 646,975 units; 631,474 units were shipped for residential […]
Construction is on a roll with expenditures in July at an all-time high, according to Steel Market Update’s latest analysis of Commerce Department data. In the Sept. 4 data release which reported expenditures through July, the growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to […]
Automotive sales remained healthy in August with most automotive manufacturers reporting at least moderate sales growth year-over-year. FCA US led sales with an increase of 10 percent for August. Ford sales were up 4.1 percent and Hyundai 6.0 percent. Toyota sales dropped 2 percent. Sales for German automaker Volkswagen inched up 0.7 percent while Mercedes-Benz […]
Labor shortages are highlighted in a new survey released by the Associated General Contractors of America and Autodesk. In a survey of more than 25,000 respondents, 80 percent of firms report they cannot find enough hourly craft workers to fill the positions that make up the bulk of the construction industry. The problem is widespread […]