Steel Products
January Housing Starts Slow - Building Permits 35% Above January 2012 Estimates
Written by Sandy Williams
February 22, 2013
Written by: Sandy Williams
>New residential housing starts slowed in January as winter gripped the U.S. Housing starts were at a seasonally adjusted annual rate of 890,000 in January, according data released by the Department of Commerce. The January figure was 8.5 percent below the December revised annual rate of 973,000, although 23.6 percent above the January 2012 rate of 720,000.
Single-family housing starts were flat at a seasonally adjusted annual rate of 613,000, up just 0.8 percent from the revised December figure of 608,000. The seasonally adjusted annual rate was 260,000 unit starts for buildings with five or more units.
Building permits, an indicator of future construction, rose 1.8 percent to a seasonally adjusted annual rate of 925,000 in January—a strong 35.2 percent above the January 2012 estimate of 684,000. Single family authorizations were up 1.9 percent to a seasonally adjusted annual rate 584,000 from the revised rate of 573,000 in December. Building permits were authorized at seasonally adjusted annual rate for 311,000 units in buildings with five units or more in January.
Privately owned housing completions in January were at a seasonally adjusted annual rate of 724,000—6 percent above the revised December estimate of 683,000 and 33.6 percent above the January 2012 rate. A seven percent increase for single family housing completions brought the annual rate to 565,000. The rate for units in buildings with five or more units was 152,000.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
September energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.