The US labor market added 390,000 jobs in May, a robust figure but a slower pace of hiring versus the upwardly revised 436,000 additional payrolls in April. The result kept the unemployment rate unchanged month on month (MoM) at the pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Payroll gains were better than […]
The number of open construction jobs jumped to a record-high 449,000 unfilled positions in April. This is the highest measure in the history of the data series (going back to late 2000), said the National Association of Home Builders. According to the latest Job Openings and Labor Turnover Survey data from the Bureau of Labor […]
By CRU Economist Frank Eich and CRU Sustainability Analysts Zsombor Garzo and Lize Wan In this Insight, CRU Sustainability looks at carbon pricing schemes around the world. These schemes, which can be either in the form of carbon taxes or emission trading, are generally regarded as one of the most effective ways to mitigate climate […]
Sales of new and existing homes retracted in April, now in line with mid-2020 levels, according to recently released data from the US Department of Commerce and National Association of Realtors. New home sales slipped to 591,000 units in April, down 17% compared to the previous month. The last time new sales were this low […]
Nucor Corp.’s $3 billion acquisition of CHI Overhead Doors, its largest deal ever, represents a shift away from the company’s traditional roots as a steelmaker. “We absolutely want to pivot from being just a steelmaker to a manufacturing company,” Nucor president and CEO Leon Topalian said. That’s notable because Nucor is the largest steelmaker in the […]
What a whirlwind last week was. I want to thank Wolfe Research and Bank of America for inviting me to speak, the former virtually, the latter in person. I also want to thank Stanislav Zinchenko and the GMK Center for taking time to join us for what I thought was one of our better Community […]
What a whirlwind last week was. I want to thank Wolfe Research and Bank of America for inviting me to speak, the former virtually, the latter in person. I also want to thank Stanislav Zinchenko and the GMK Center for taking time to join us for what I thought was one of our better Community […]
Builder confidence took a major tumble in May as rising interest rates impacted affordability, signaling a slowdown in the housing market. According to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), double-digit price increases for materials and ongoing home price appreciation are taking a toll on demand. Homebuilder sentiment fell for the […]
US construction spending in March totaled $1.730 trillion at a seasonally adjusted annual rate, just 0.1% above February’s total. Investment in construction cooled because increased spending on residential projects was offset by a decline in nonresidential investment, the Commerce Department reported. Construction spending in March missed expectations, down from a 0.5% gain in February and behind […]
Housing’s share of the economy edged higher at the start of 2022 due in part to a surprise drop in GDP growth. For the first quarter of 2022, overall GDP growth declined at a 1.4% annual rate, driven by increased inventories and a jump in imports, according to the National Association of Home Builders’ analysis […]
Sales of new single-family homes fell 8.6% in March compared to the month prior because buyers were deterred by higher prices. The sticker shock results largely from supply chain disruptions and rising mortgage rates. The seasonally adjusted rate in March was 763,000, down an even steeper 12.6% compared to March 2021, the US Department of […]
Matthew Abrams, Analyst, CRU Group As costs, premiums, and prices all remain high, market participants across all sectors are all looking for the edge of the cliff. The war, Covid 19, and inflation are all part of the daily conversation. Supply disruptions and demand destruction are very real worries for all those involved. In what could […]
Existing-home sales fell in March for the second consecutive month, according to the National Association of Realtors. Three out of the four major US regions saw sales fall month-over-month in March while holding steady in the West. Sales were down across each region year-over-year. March sales fell 2.7% from February to a seasonally adjusted annual […]
Housing starts declined in March, driven by rising mortgage interest rates and ongoing supply chain bottlenecks that continue to delay construction projects and raise home building costs. Though the single-family housing market showed signs of softening last month, strong multifamily production pushed overall housing starts up 0.3% to a seasonally adjusted annual rate of 1.79 […]
Builder confidence fell in April as strong headwinds continue to erode housing affordability and delay projects, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Homebuilder sentiment fell for the fourth straight month, as rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take […]
By Greg Wittbecker, Advisor, CRU Group It is natural to speculate about how well demand for aluminum can hold up given the effects of dramatically higher prices, both on aluminum itself and the broader economy. Conversations with many of our clients’ center on concerns about demand destruction. The logic is simple: With gasoline, food and interest […]
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 construction spending in February totaled $1.704 trillion at a seasonally adjusted annual rate, rising less than expected as an increase in outlays on private projects was partially offset by a decline […]
Construction employment exceeded pre-pandemic levels in nearly 60% of US metro areas through February, according Associated General Contractors of America (AGC) figures. AGC also said it is getting harder to find workers and urged officials to invest more in career training and education programs for the construction sector. “The rebound in construction employment in most […]
Sales of new single-family homes tumbled 2% in February compared to the month prior on a lack of existing home inventory as well as rising mortgage rates and construction costs. The seasonally adjusted rate in February was 772,000 units, down an even steeper 6.2% compared to February 2021, the U.S. Department of Housing and Urban Development […]
Housing starts grew in February, boosted by a strong multifamily reading and despite production bottlenecks as well as rising construction costs. Strong demand and low levels of existing inventory aided last month’s results, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Overall housing starts increased 6.8% to […]
Existing-home sales contracted in February, according to the National Association of Realtors. Each of the four major U.S. regions saw sales fall on a month-over-month basis in February, while sales activity year-over-year was also down overall. Three out of four regions reported drops in transactions. The South saw the sole increase. February sales fell 7.2% […]
By Matthew Abrams, Analyst, CRU Group Over the past week, there have been a few noteworthy updates to new Russian sanctions. First, the big news was Russia’s removal from the list of Most Favored Nations. This allows room for new duties to be imposed on the imports of Russian goods. The U.S. does not import […]
U.S. construction spending in January totaled $1.68 trillion at a seasonally adjusted annual rate, boosted 1.3% by strong outlays on single-family homebuilding and private nonresidential structures, the Commerce Department reported. The gain is even more significant given December data was revised higher to show construction outlays rising 0.8% instead of 0.2% as previously reported. January’s […]
The U.S. economy has expanded at a modest pace since mid-January, the Federal Reserve said in its latest Beige Book report. Overall growth was constrained by a surge in Omicron, forcing firms to deal with heightened absenteeism and continued supply-chain bottlenecks. Consumer spending was weaker, with auto sales largely mixed and manufacturing activity expanding at […]
Construction spending rose in January with strong gains in private nonresidential and residential construction, but mixed results for public spending, reported the Associated General Contractors of America (AGC). “Private nonresidential construction, especially for manufacturing plants, has rebounded sharply in recent months, while demand for housing remains strong,” said Ken Simonson, AGC’s chief economist. “But public […]
The outlook for multifamily construction closed the year on a positive note, as confidence in the market for new multifamily housing improved in the fourth quarter of 2021, according to the National Association of Home Builders’ (NAHB) Multifamily Market Survey (MMS). The MMS’s two separate indices saw mixed results. The Multifamily Production Index (MPI) gained […]
Sales of new single-family homes fell in January following a sharp upwardly revised reading the month prior. Last month’s 4.5% decline in new homes sales resulted from rising interest rates. The seasonally adjusted rate of 801,000 was steady because demand remains strong, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported. […]
Builder confidence fell again in February despite strong demand from buyers, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Home builder sentiment fell for the second straight month on ongoing building material production bottlenecks, which have pushed up construction costs and delayed projects. February’s HMI reading moved one point lower […]
Housing starts fell in January as builders reported continued supply-chain troubles leading to construction delays, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Despite the slow start to the year for new construction, building permits increased at a solid pace in January, signaling strong demand […]
Ferrous scrap prices declined again in February after an unexpectedly big drop in January. Prime scrap traded down $35/GT in most regions, while obsolete grades traded sideways, sources tell Steel Market Update. That puts the February price for busheling at around $525-535/GT, shred at $470-480/GT and HMS at $430-440/GT. “Tepid demand is being offset by […]