In a positive sign for the automotive market, General Motors Co. completed and shipped a large number of vehicles in the third quarter, effectively increasing its US dealer inventories. “As we’ve moved through the year, we’ve seen gradual improvement in the supply chain, including semiconductors,” chairwoman and CEO Mary Barra said on the company’s Q3 […]
Nearly two-thirds of US states added construction jobs month-on-month (MoM) in September. Most also boosted construction employment during the past twelve months, according to Associated General Contractors of America (AGC) figures. AGC said the job gains were welcome news even if significant labor shortages probably prevented an even bigger upswing in employment. “While it is encouraging […]
Existing-home sales shrank in September, retreating for an eighth straight month, according to the National Association of Realtors (NAR). Three out of the four major US regions saw sales decline month-over-month (MoM) in September while sales in the West held steady. Sales were down across each region year-over-year (YoY). September sales fell 1.5% from August […]
US light vehicle (LV) sales grew in September, coming in at 1.15 million units, unadjusted. Last month’s total was a 10.8% increase year-on-year (YoY), the US Bureau of Economic Analysis (BEA) reported. The YoY gain was just the second since July 2021. While this was the second consecutive month of YoY increases, it was helped […]
North American auto assemblies declined by 8.7% in September after reaching their highest mark in nearly two years the month prior. Despite the lower output in September, production was a hefty 39.6% higher year-on-year (YoY) and still the third-best total year-to-date (YTD), according to LMC Automotive data. Though the market remains supply-constrained due to ongoing […]
A new railcar manufacturing facility will soon be built in Washington County, Md. Hitachi Rail announced plans for a $70 million factory to build all types of trains to meet growing demand in North America’s rail market. Construction of the facility’s building will use 1,050 tons of steel including joists, girders, and structural steel columns. […]
Investing further in its US operations, agricultural and heavy equipment manufacturer Deere & Co. is reshoring production of a certain cotton harvester model back from China. The steel end user is expanding its operations in Thibodaux, La., with a $29.8 million investment, according to a news release from Louisiana Governor John Bel Edwards. A new […]
Builder confidence fell for the tenth straight month in October, while traffic of prospective buyers fell to its lowest level since 2012 (excluding the two-month period at the onset of the pandemic), the National Association of Home Builders (NAHB) said. The report, in conjunction with the Wells Fargo Housing Market Index (HMI), said that rising […]
US heating and cooling equipment shipments rebounded 12% in August to 1.99 million units, according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in August were down 3% from levels one year earlier. The average monthly shipments level for the first eight months of 2022 is now 2.02 million units. […]
The prices contractors pay for construction materials and services — chiefly for new nonresidential construction — jumped 12.6% year-on-year (YoY) in September despite a slight 0.2% decline month-on-month (MoM), the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that the industry is suffering mostly from inflation, and […]
The Dodge Momentum Index saw a sizable increase in September, accelerating by 5.7% last month over the upwardly revised reading for August, according to data and analytics from the Dodge Construction Network. The index registered 183.2 in September, up from 173.4 in August. The leading index for commercial real estate measures data about planned nonresidential […]
New, single‐family home sales fell in September as rising mortgage rates stymied demand, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. Sales of newly constructed single-family homes fell 10.9% month-on-month (MoM) in September. Mortgage rates reached an average of 6.11% last month, while just […]
New, single‐family home sales bounced back in August despite high prices and rising mortgage rates. Although those dynamics have pushed some buyers away, sales of newly constructed homes jumped 28.8% month-on-month (MoM) in August, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. Last month’s […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. US light vehicle (LV) sales grew in August, coming in at 1.13 million units, unadjusted. Last month’s total was a 3.9% increase year-on-year (YoY), the US Bureau of Economic Analysis (BEA) reported. The […]
GM is transforming its propulsion plant in Toledo, Ohio, in preparation for EV-related production. The Detroit-based auto manufacturer is investing $760 million to produce powertrains that will be used in future electric vehicles, with renovations starting this month. The news comes just one week after the company announced that it is investing in updating its […]
Ford Motor Co. has broken ground on a new, $5.6 billion auto production complex in Stanton, Tenn., where it plans to build all-new electric trucks and advanced batteries. The groundbreaking comes less than a year after the Dearborn, Mich.-based automaker and SK On, a Seoul-based battery technology company, announced the investment. A mega campus of […]
Existing home sales in the US continue to be impacted by escalating mortgage rates, according to the latest information from the National Association of Realtors. Falling for a seventh consecutive month, sales of existing homes in August declined 0.4% from the month prior and were down 19.9% from one year ago to a seasonally-adjusted annual […]
Housing starts saw a double-digit gain in August driven by a surge in multifamily production. Despite the overall gain, high mortgage rates and building production bottlenecks continue to act as a drag on the single-family housing market. Overall housing starts increased 12.2% to a seasonally adjusted annual rate of 1.58 million units in August from […]
General Motors is sprucing things up. The Detroit-based automaker announced on Sept. 15 that it will invest $491 million into its Marion, Ind., metal stamping facility to prepare for the production of various steel and aluminum parts to be used in electric vehicles (EVs). The expenditure will go towards two new press lines, complete press […]
The prices contractors pay for construction materials and services—chiefly for new nonresidential construction—declined 1.1% month-on-month (MoM) in August, as a steep drop in fuel prices masked increases in the cost of other construction inputs, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that limited price declines […]
Intel broke ground on its new chipmaking facility on Sept. 9. The Licking County, Ohio, site will be the company’s newest manufacturing site built in 40 years. In conjunction with the new facility, Intel is establishing the Ohio Semiconductor Education and Research Program as a means to develop skilled workers for the new plants. “Today […]
US heating and cooling equipment shipments fell 20% in July to 1.79 million units, an eight-month low according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). This is the largest month-over-month (MoM) percentage decline seen since November 2020, and the largest monthly decline in shipments since April 2020. Recall that June 2022 […]
The Dodge Momentum Index ticked down 1.2% in August, losing ground on the downwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 171.9 last month, down from 174.0 in July. The leading index for commercial real estate measures data about planned nonresidential building projects […]
Construction employment increased by 16,000 jobs in August, though the sector’s unemployment rate was up at 3.9%, the Associated General Contractors of America (AGC) reported. Contractors were eager to hire more employees last month though they were stymied by a dearth of qualified workers. More than 90% of contractors are having a hard time finding […]
ArcelorMittal is committed to EV. The Luxembourg-based steel company recently announced a collaboration to provide its steel knowledge to Atlis Motor Vehicles. ArcelorMittal will provide its S-in motion® solutions to hasten the design process. Currently, Atlis is developing a fully electric truck that will be designed for individuals working in the agriculture, service, utilities, and construction […]
New home sales fell to their lowest level since January 2016, further signaling a waning housing market, according to the latest data from the US Census Bureau and the Department of Housing and Urban Development. The tepid sales pace continued to match declining builder confidence, a trend that has been gaining momentum since the beginning […]
July proved to be another bleak month for existing-home sales in all four major US regions, according to the National Association of Realtors. Home sales were down 5.9% from June, declining 20.2% when compared to the same year-ago perido. Home sales have fallen for six consecutive months through July, while total inventory of unsold homes […]
BMW Group and Swedish steelmaking start-up H2 Green Steel (H2GS) have solidified their contract for CO2-reduced steel. Roughly 40% of pre-consumer steel scrap will be returned to H2GS’s electric arc furnaces (EAF) to be recycled, according to the deal. H2GS will provide green steel to the German auto manufacturer, and requires CO2 reductions and improved circularity […]
The National Association of Home Builders (NAHB) recently released the results of its Multifamily Market Survey (MMS) and there seem to be some mixed emotions. There are two separate indices the MMS utilizes to determine market conditions: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI). According to NAHB, the second quarter MPI, […]
The number of open construction jobs shrank to 334,000 in June, down from 405,000 in May and declining repeatedly from the record-high and top measure in the data series’ history of 449,000 unfilled positions in April, said the National Association of Home Builders (NAHB). According to the latest Job Openings and Labor Turnover Survey data […]