Existing home sales increased for the second month in a row and at the strongest pace since early summer. Total sales in October, including single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent from the previous month to a seasonally adjusted annual rate of 5.48 million. Lawrence Yun, National Association of Realtors chief economist, says […]
Housing starts leapt 13.7 percent from September to October, rising to a seasonally adjusted rate of 1.290 million and beating economists’ estimates. Single-family housing starts increased 5.3 percent, while housing of five units or more jumped 37.4 percent, reported the Commerce Department. Data shows the South rebuilding after the devastation of the dual hurricanes earlier […]
SMU Note: This construction market analysis article is normally reserved for our Premium members only, but it is being shared with our entire readership this month. To learn more about our Premium level membership and how it can benefit you, click here. Growth of total construction spending has almost come to a halt, according to […]
Growth of total construction spending has almost come to a halt, according to Steel Market Update’s latest analysis of Department of Commerce construction put in place (CPIP) data. Last month, we reported that total construction expenditures contracted in the three months through August year over year for the first time since November 2011. Based on […]
Steel market indicators look good in the October data, but the trends took a turn for the worse. In the data released in October, our view of the present situation is that 47.2 percent of the 36 indicators are historically positive with only 19 percent negative. The balance are within the band of historically normal. […]
Home prices rose 6.1 percent in August for an all-time year-over-year gain in the latest S&P CoreLogic Case-Shiller Home Price Index. The 20-city composite posted a 5.9 percent jump from August 2016. “Home price increases appear to be unstoppable,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones […]
New home sales in September jumped 18.9 percent from last month to a seasonally adjusted annual rate of 667,000, according to the Department of Housing and Urban Development and the Census Bureau. September sales were 17 percent higher than a year ago. The median sales price was $319,700 and the average sales price $385,200. Inventory […]
Economic conditions are looking positive for fourth quarter and into 2018, according to the latest report from HARDI and ITR Economics. Steel Market Update is a member of an association connected to the construction industry called the Heating, Air-conditioning & Refrigeration Distributors International. HARDI and ITR Economics, an economic forecasting company, work together to gather […]
Steel Market Update is a member of an association connected to the construction industry called HARDI, which stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and economic forecasting company ITR Economics work together to gather economic data to provide a forecast to the HARDI members in the United States and Canada. The information shared […]
The recent hurricanes dealt a blow to housing starts and authorizations in September, with construction data showing declines in the South. “We are seeing the hurricanes take a toll on single-family production, but builder confidence is strong and production should bounce back as the recovery process gets under way,” said Granger MacDonald, chairman of the […]
The International Monetary Fund updates its World Economic Outlook (WEO) in April and October each year. The introduction to the WEO released on Tuesday reads as follows: “The global upswing in economic activity is strengthening, with global growth projected to rise to 3.6 percent in 2017 and 3.7 percent in 2018. Broad-based upward revisions in […]
Total construction expenditures contracted in the three months through August year over year for the first time since November 2011, according to August data for construction put in place (CPIP) released by the Department of Commerce on Monday. Privately funded projects still have positive growth on a rolling 12-month basis, but are more than negated […]
Steel market indicators look good in the September data. Our view of the present situation is that 50 percent of the 36 indicators are historically positive with only 19 percent negative. The balance of them are within the band of historically normal. This was the same result as May and August. Along with September, these […]
The growth of U.S. Gross Domestic Product in second-quarter 2017 was the strongest since first-quarter 2015. On Thursday, the Bureau of Economic Analysis released the third estimate of GDP growth in the second quarter. Growth was reported to be 3.06 percent quarter on quarter and 2.21 percent year on year. Economy.com had this to say […]
New home sales slipped again in August after tumbling 9.4 percent in July, according to the latest report by Commerce. Sales of new single-family homes fell 3.4 percent from the previous month to a seasonally adjusted annual rate of 560,000. The rate was 1.2 percent below the August 2016 estimate of 567,000. Some of the […]
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index gained 5.9 percent in July following a 5.8 percent gain in June. The 20-City Composite posted a 5.8 percent year-over-year gain in the latest report, up from 5.6 percent the previous month. A modest inventory is allowing sellers to boost prices as competition for available […]
Steel buyers are evenly split on how their businesses will be affected by the cleanup from Hurricanes Harvey and Irma. About half (48 percent) of respondents to Steel Market Update’s latest steel market trends questionnaire expect the hurricanes and flooding in Texas and Florida to have a significant impact on their businesses and steel demand […]
Home sales in the South are expected to be dampened for the rest of the year as a result of the hurricanes in Houston and Florida, says the National Association of Realtors. Existing home sales slumped in August to a seasonally adjusted annual rate of 5.35 million, a retreat of 1.7 percent from July and […]
New residential building permits surged 5.7 percent month-over-month in August to a seasonally adjusted annual rate of 1.3 million, according to the latest report from the Commerce Department. Single-family authorizations dipped 1.5 percent, but permits for housing of five units or more jumped 22.8 percent. Gains in August were concentrated in the Midwest and West, […]
Back-to-back hurricanes disrupted trucking in the South, and the effects are expected to linger as the region competes for truck capacity to rebuild damaged homes and infrastructure. The American Transportation Research Institute uses GPS to track movement of over 700,000 trucks in the U.S. Hurricane Harvey hit international and east/west commerce hard as Houston is […]
Southeast Texas, including Houston, is considered one of the most affordable large housing markets in the nation, said Svenja Gudel, chief economist at Zillow. That may change in the wake of Hurricane Harvey. “Housing has historically been affordable in the area because it’s relatively easy to build homes there. Unfortunately, a lot of those homes […]
The U.S. economy should finish 2017 strong, but the leading indicators point to a downturn in the second half of 2018 followed by a mild global recession in 2019, predicts economist Alan Beaulieu, principal of ITR Economics, who addressed a sellout crowd Aug. 30 at Steel Market Update’s Steel Summit Conference in Atlanta. “You will […]
The growth of total construction spending is slowing, though still positive year over year. July data for construction put in place (CPIP) was released by the Department of Commerce on Friday. Total construction still shows positive growth, but slowed to 0.9 percent year over year in the latest three months of data. Privately funded projects […]
Half of the 36 Key Steel Market Indicators released in August are historically positive, while only 19 percent are negative, and the balance fall within the normal range, in Steel Market Update’s view. Along with May, when the data was about the same, this is the best outlook since we began our analysis in January […]
This article is normally reserved for our Premium members, but we are sharing it with our entire readership this month. To learn more about what our Premium members receive, click here. Steel Market Update offers this update on the currencies of the steel and iron ore trading nations through Aug. 21. The analysis of currency […]
Sales of new homes tumbled 9.4 percent to a seasonally adjusted annual rate of 571,000 and were 8.9 percent below the July 2016 estimate of 627,000. Median sales price was $313,700, compared to $310,800 in June, and at the highest July level ever. Average sales price was $371,200, down from $379,500 the previous month. Sales […]
June’s rebound in housing starts was short-lived, according to data from the Department of Commerce on Wednesday. Housing starts dipped in July to a seasonally adjusted annual rate of 1,155,000, 4.8 percent lower than the June estimate and 5.6 percent below the July 2016 rate. Construction of single-family homes was relatively steady, slipping just 0.5 […]
In the Key Indicators data released in July, both the present situation and trends have recovered from what now appears to have been a temporary downward blip in June. Trends lead the present situation by about four months. An explanation of the Key Indicators concept is given at the end of this piece for those […]
A mild recession will impact residential and nonresidential construction in 2019, predicts the HARDI/ITR July quarterly report. Steel Market Update is a member of an association connected to the construction industry called the Heating, Air-conditioning & Refrigeration Distributors International. HARDI and ITR Economics, an economic forecasting company, work together to gather economic data to provide […]
Low supply muted sales of existing homes in June, said the National Association of Realtors. Sales slipped 1.8 percent last month to a seasonally adjusted annual rate of 5.52 million, the second lowest level this year. Sales were 0.7 percent above the June 2016 rate. “Closings were down in most of the country last month […]