Sales of existing homes in April followed the decline in sales of newly built homes. After two months of increase, existing home sales fell on both a monthly and annual basis. Completed transactions for existing homes, including single-family, townhomes, condos and co-ops, decreased 2.5 percent in April to an annual rate of 5.46 million, reported […]
Housing starts slowed in April, falling 3.6 percent from revised March data to a seasonally adjusted annual rate of 1,287,000. Compared to a year ago, starts increased 10.5 percent, reports the National Association of Home Builders (NAHB). Most of the April decline was a result of a 12.6 percent plunge in multifamily housing after making […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through March 2018. You may read the full press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for March 2018 decreased 2.2 […]
A massive five at automotive parts supplier Meridian Magnesium Products has disrupted vehicle production at Ford, General Motors, FCA, BMW and Mercedes-Benz. An explosion and fire at the Meridian Lightweight Technology’s Eaton Rapids plant in Michigan on May 2 has forced Ford to suspend production of its popular F-150 truck and Superduty pickups. Ford has […]
Construction costs are surging as tariffs drive prices up for a wide range of building materials, said a new analysis of Labor Department data by the Associated General Contractors of America. Firms are facing higher input prices that they are unable to pass along to customers. “Contractors have started to boost the prices they charge, […]
The Dodge Momentum Index, a first report for nonresidential building projects in planning, jumped 6.1 percent in April to 163.0. Commercial and institutional components of the Index both rose 5.3 percent and 5.8 percent, respectively. “Over the last two months, the commercial portion of the Momentum Index has posted the most aggressive growth, fueled by […]
Total construction spending has expanded for seven straight months, according to Steel Market Update’s latest analysis of Department of Commerce data. The growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to 2.2 percent in February to 2.3 percent in March this year. On a rolling […]
U.S. auto sales slipped in April after a robust March. WardsAuto estimated the seasonally adjusted annual rate at 17.1 million and actual light vehicle sales for the month at 1.35 million, down from 17.4 million and 1.5 million, respectively, from the previous month. SUVs and pickup trucks led sales again this month, despite gas prices […]
Construction costs increased for the 18th consecutive month in April, according to the latest data from IHS Markit and the Procurement Executives Group. The IHS Markit PEG Engineering and Cost Construction Index jumped 4.1 points from March to April to register 61.8. Indexes for materials/equipment and labor were both above 50, indicating rising prices. Prices […]
Sales of single-family homes jumped 4 percent in March to a seasonally adjusted annual rate of 694,000, according to information from HUD and the Census Bureau. Sales of new homes were 8.8 percent above the March 2017 estimate of 638,000. Commerce estimates the number of new homes for sale at the end of March was […]
Existing home sales in March rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million. Tight inventory and affordability have kept sales 1.2 percent below year-ago levels, according to the National Association of Realtors. “Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February […]
Low inventory continues to drive up home prices across the U.S. The S&P CoreLogic Case Shiller National Home Price NSA Index rose 6.3 percent in March, up from 6.1 percent in February. “Year-over-year prices measured by the National index have increased continuously for the past 70 months, since May 2012. Over that time, the price […]
Housing starts increased more than expected in March due to a rebound in multi-family construction. Housing starts grew 1.9 percent from February to March to a seasonally adjusted annual rate of 1,319,000. Year-over-year, housing starts leapt 10.9 percent, reports the National Association of Home Builders. Single-family housing starts were weak in March at a rate […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through February 2018. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for February 2018 increased 1.4 percent, […]
Much has been made of the downshift in automotive and its impact on steel demand, but “let me put you at ease about the market slowdown,” said auto analyst Bernard Swiecki with the Center for Automotive Research. Speaking at the Fabricators and Manufacturers Association annual meeting March 8 in Scottsdale, Ariz., Swiecki told the group the […]
The Dodge Momentum Index, which forecasts nonresidential construction, climbed 6.1 percent in March, registering 155.0. The commercial component led March’s gain with a 9.6 percent increase—erasing February’s 5.1 percent decline. Activity in the institutional sector was milder, gaining 1.6 percent, following an 8.1 percent increase in February. Wrote Dodge Data & Analytics: “During the first […]
Automakers reported strong sales in March after a weak performance in February. Industry sales rose to 1.647 million units from 1.548 million last year, according to WardsAuto. The seasonally adjusted annual rate was 17.4 million, surging over last year’s rate of 16.7 million. “Consumers are keeping the U.S. economy growing and auto sales very healthy,” […]
Home prices continued to surge in January, according to the latest pricing index from Standard & Poors. The S&P CoreLogic Case-Shiller national home price index showed a 6.2 percent annual gain in January, down from 6.3 percent in December. The 20-City Composite reported a 6.4 percent year-over-year gain, up from 6.3 percent in the previous […]
New home sales dipped 0.6 percent in February to a seasonally adjusted annual rate of 618,000, according to the latest data from the Department of Commerce. The rate was 0.5 percent higher than the February 2017 estimate. “The recent upward revisions to the sales numbers reflect our forecast for a gradual strengthening of the single-family […]
Existing-home sales rebounded in February after two months of declines, according to data from the National Association of Realtors (NAR). Total existing-home sales jumped 3.0 percent to a seasonally adjusted annual rate of 5.54 million. Sales were 1.1 percent higher than a year ago. The median price for all housing types was $247,700, a 5.9 […]
Steel Market Update had detailed discussions with two steel trading companies on Friday as we try to understand how Section 232 is going to impact their businesses and their customers. Here is what we learned. Trading Company No. 1 “This is a great time to trade steel,” is how the conversation began with the first […]
Housing starts fell 7.0 percent in February, driven by a 26 percent plunge in multifamily housing construction, according to data from the Department of Commerce. Total housing starts were at a seasonally adjusted annual rate of 1.24 million units. Single-family housing starts rose 2.9 percent in February to a rate of 902,000. “The uptick in […]
The Associated General Contractors of America warn that tariffs on aluminum and steel will drive construction costs up. The February report from AGC follows: Construction costs escalated in February, driven by price increases for a wide range of building materials including steel and aluminum, according to an analysis by the Associated General Contractors of America […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through January 2018. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for January 2018 increased 7.7 percent […]
The Dodge Momentum Index, a monthly forecast of nonresidential construction, increased just 0.5 percent in February. The marginal increase was due to an 8.2 percent rise in the institutional component that was offset by a 4.8 percent contraction in the commercial component. Dodge says that although the commercial component has declined for two months straight, […]
Automotive sales declined for all three Detroit automakers in February. Ford and General Motors reported that year-over-year sales declined 6.9 percent and FCA U.S. was down 1.0 percent. In contrast, Toyota sales jumped 4.5 percent year-over-year, and Mazda and Volkswagen made gains of 12.7 and 6.0 percent, respectively. BMW-Mini also saw sales increase in February […]
Home prices jumped 6.3 percent in December, according to the latest data from the S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. The 10-city composite increase was 6.0 percent, unchanged from November. The 20-city composite posted a 6.3 percent year-over-year gain, compared to 6.4 percent the previous month. On a month-over-month basis, home […]
Sales of new single-family homes dropped in January to a seasonally adjusted annual rate of 593,000, according to the latest Department of Commerce data. January sales were 7.8 percent below December and 1 percent below the January 2017 rate. During the last three months, the average sales rate was 644,000. The median sales price was […]
The American Institute of Architects’ Architecture Billings Index (ABI) posted its highest January score since 2007. Considered a leading economic indicator of construction activity, the ABI registered 54.7 last month, up from 52.8 in December. Scores above 50 indicate growth in billings. “Healthy conditions continue across all sectors and regions except the Northeast, where firm […]
Existing home sales fell for the second consecutive month in January, dropping 3.2 percent to a seasonally adjusted annual rate of 5.38 million, according to data from the National Association of Realtors. Compared to a year ago sales are down 4.8 percent, the steepest decline since 5.5 percent in August 2014. Inventory rose 4.1 percent […]