Sales of both new and existing homes declined in July as higher prices impacted affordability for buyers. Existing home sales fell for the fourth consecutive month in July, dipping 0.7 percent to a seasonally adjusted annual rate of 5.34 million. Sales are 1.5 percent below a year ago, said the National Association of Realtors. Sales […]
Housing data was mostly flat in July with housing starts up just 0.9 percent to a seasonally adjusted annual rate of 1,168,000 units. Data from HUD and Commerce show single-family housing starts increasing 0.9 percent and multifamily housing 3.1 percent. Regionally, housing starts fared better in the Midwest and South, increasing 11.6 percent and 10.4 […]
What would ultimately be best for the environment: strict fuel efficiency standards that will dramatically reduce the tailpipe emissions from new vehicles or more achievable standards that will add less cost to each vehicle and allow more drivers to upgrade and get older gas guzzlers off the road? Over the strong objections of environmental groups […]
Emission standards set by the Obama administration in 2012 are now on the chopping block by the Trump administration. Last week the Environmental Protection Agency and Department of Transportation submitted a proposal to roll-back emission standards that are set to take effect after 2020 and freeze them at the pre-2020 levels. “We are delivering on […]
Caterpillar says it will raise prices due to U.S. tariff measures despite expecting a stronger profit outlook for the year. The major exporter of construction, mining and energy-related equipment estimates recently imposed tariffs will cost the company $100 million to $200 million in the second half of 2018—about 3 percent of its full-year profits. Strong […]
Nonresidential construction projects continued to enter the pipeline in July, according to Dodge Data & Analytics. The Dodge Momentum Index, a measure of nonresidential building projects in planning, rose 1.4 percent in July to a reading of 169.8 from a revised June reading of 167.3 Commercial project planning led the rise with a gain of […]
Heating and cooling equipment shipments were up 7.8 percent in June compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Friday. This is the highest total equipment shipment level in the institute’s 10+ year history at 2.27 million units shipped, topping the previous record of 2.10 […]
Construction is on a roll with expenditures in June at an all-time high, according to Steel Market Update’s latest analysis of Commerce Department data. In the Aug. 1 data release, which reported expenditures through June, the growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to […]
Most automakers reported a drop in U.S. vehicle sales in July and analysts are predicting more pain to come in the second half of the year. “Every year there is a clunker of a month,” Mike Jackson, chief executive of AutoNation Inc., told Reuters. “I think July will be that month from a retail point […]
Home price gains are starting to lose momentum, but an inventory shortage kept prices strong in May despite slower sales. The S&P CoreLogic Case-Shiller National Home Price NSA Index rose 6.4 percent in May, matching the year-over-year-increase reported in April. The 20-city composite posted a 6.5 percent gain year-over-year, compared to 6.7 percent in April. […]
Sales of new single-family houses slipped 5.3 percent from May to June to a seasonally adjusted annual rate of 631,000, according to the latest report by the U.S. Census Bureau and Department of Housing and Urban Development. The decline was accompanied by a downwardly revised estimate of 666,000 for May. The June SAAR was at […]
A housing shortage is impacting existing home sales and pushing prices to a new high, reported the National Association of Realtors. The June data from NAR shows existing home sales decreased 0.6 percent in June, falling for the third month in a row and the fifth time this year. Sales were at a seasonally adjusted […]
The Associated General Contractors of America are supportive of long-term legislation proposed by the chairman of the House Transportation and Infrastructure Committee to address the nation’s aging infrastructure problem. The draft proposal includes a user-fee approach to fund infrastructure repair. AGC CEO Stephen Sandherr said the association is prepared to work with the chairman, leadership […]
Housing starts in June dropped 12.3 percent from May to a seasonally adjusted annual rate of 1,273,000. June starts were 4.2 percent below the level in June 2017. A plunge in multi-family housing starts led the decline, falling 20.2 percent to a rate of 304,000 for buildings with five units or more. Single-family starts were […]
Constructions costs are escalating due to tariffs on a wide range of building and road construction materials, said the Associated General Contractors of America in a new analysis of Labor Department data. The producer price index rose sharply on construction inputs in June. Aluminum mill shapes jumped 20 percent year-over-year, copper and brass mill shapes […]
Construction spending has accelerated for six straight months, according to Steel Market Update’s latest analysis of Commerce Department data. Growth of total construction expenditures on a rolling three-month basis year over year increased from 0.9 percent in November 2017 to 4.4 percent in May 2018. In the DOC’s July 2 release, which included data through […]
The Dodge Momentum Index, a measure of the nonresidential construction projects in planning, moved higher in June, gaining 0.8 percent to post a score of 165.5. The commercial component of the index outpaced the institutional component, with gains of 1.1 percent and 0.3 percent, respectively. “June’s advance marks the fifth straight monthly increase for the […]
May heating and cooling equipment shipments were up 10.0 percent in May compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) last Friday. This is the higest year-over-year increase since March 2017 when there was a 10.1 percent increase. Residential and commercial storage water heaters were up […]
Detroit automakers reported higher sales in June as buyer enthusiasm for SUVs and pickup trucks continued. Ford sales for the month increased 1.2 percent year-over-year to 230,635 vehicles on purchases of SUVs and F-series trucks. Fiat Chrysler sales jumped 8 percent to 202,264 vehicles in June and General Motors, no longer reporting monthly sales, said […]
The climb in home prices eased somewhat in April, according to the latest data from the S&P CoreLogic Case Shiller National Home Price Index. The national index showed a 6.4 percent annual gain in April, down from 6.5 percent in March. The 10-City Composite annual increase came in at 6.2 percent, down from 6.4 percent […]
New home sales took off in May, soaring 6.7 percent to a seasonally adjusted annual rate of 689,000 units from a downwardly revised April rate of 689,000, according to data from HUD and the U.S. Census Bureau. May sales were at the second-highest level since the Great Recession, driven by sales in the South. “Sales […]
Existing home sales declined for the second month in a row, dipping 0.4 percent to a seasonally adjusted annual rate of 5.43 million in May, said the National Association of Realtors. Compared to a year ago, sales are down 3.0 percent. The sales pace is much weaker than it should be considering the solid economy […]
Housing starts rose 5.0 percent in May to a seasonally adjusted annual rate of 1,350,000, the highest level since July 2007, according to data from the Commerce Department. Starts were 20.3 percent above the rate in May 2017. Single-family housing starts rose 3.9 percent from April and multi-family housing of five units or more jumped […]
Association Officials Say the Threat of New Tariffs Has Already Led to Dramatic Increases in the Cost of Many Construction Materials, Warn Prices Will Grow as the New Trade Restrictions Take Effect Reprinted with permission of the Associated General Contractors of America, Wednesday, June 13, 2018: Construction costs accelerated again in May, with steep increases […]
April heating and cooling equipment shipments were up 8.2 percent in April compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) last Friday. This is the higest year-over-year increase since October 2017 when there was an 8.6 percent increase. Residential and commercial storage water heaters were up […]
The Dodge Momentum Index, a measure of the first report for nonresidential buildings in planning and an indicator of future construction, rose 1.8 percent in May to a score of 167.8. Commercial construction planning drove the increase in May, gaining 4.7 percent while the institutional component of the Index fell 2.4 percent. Dodge Data & […]
Total construction spending through April has expanded for eight straight months, according to Steel Market Update’s latest analysis of Commerce Department data. The growth of total construction on a rolling three-month basis year over year has increased every month since August last year and reached 6.0 percent in April. Construction expenditures data is developed by […]
Rising fuel prices don’t seem to be impacting automotive sales; U.S. consumers are still hungry for SUVs and light trucks. WardsAuto reported that U.S. automakers delivered 1.58 million light vehicles in May for a seasonally adjusted annual rate of 16.8 million units. Sales of Ford’s F-Series pickups jumped 11.3 percent to 84,639 trucks despite a […]
Home prices are continuing to rise, according to the latest S&P Corelogic Case-Shiller Index. The U.S. National Home Price NSA Index gained 6.45 percent in March. The 20-City composite was up 6.8 percent year-over-year with no change from the previous month. Seattle, Las Vegas, and San Francisco reported the highest year-over-year gains, at 23.0 percent, […]
Sales of new homes softened in April after a 4 percent jump in March and a relatively strong first quarter. Sales of new single-family homes dipped 1.5 percent in April to a seasonally adjusted annual rate of 662,000, according to Commerce Department data. New home sales still exceeded the year-ago rate by 11.6 percent. The […]