Steel Markets
Construction Spending Rises in January
Written by Sandy Williams
March 4, 2014
Construction spending in January rose 9.3 percent year-over-year to a seasonally adjusted annual rate of $943 billion, according to data released by the US Census Bureau. Construction spending was 0.1 percent higher than the revised SAAR of $941.9 billion in December 2013.
Private construction spending rose 0.5 percent to a SAAR of $670.8 billion from the revised December estimate of $667.5 billion. Residential construction spending rose 1.1 percent and non residential spending edged down 0.2 percent from SAAR estimates in December 2013, but when compared on a year-over-year basis rose 15 percent and 9.7 percent, respectively.
Public construction was at a seasonally adjusted annual rate of $272.3 billion, down 0.8 percent from the revised December estimate of $274.4 billion but up by 2.5 percent year-over-year.
The Associated General Contractors of America (AGC) reported overall construction spending increased on the strength of homebuilding and multifamily construction in both December and January despite adverse weather conditions. Ken Simonson, AGC chief economist, said public construction was up “on a year-over-year basis, but funding remains questionable.” The AGC urges Congress to pass new transportation funding as soon as possible.
“Even with spending on the rise, the construction industry remains vulnerable to any sudden downturn in demand,” said Stephen E. Sandherr, the association’s chief executive officer. “Letting highway investments lapse will only hurt overall economic growth and put more construction jobs at risk.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
SSAB Americas reports higher Q2 production and shipments
Despite improved operating results, SSAB Americas' second-quarter and H1’25 profits fell short of those of last year.
Global steel production slips in June
The total volume of raw steel produced around the globe fell by 5% from May to June, according to recent data published by the World Steel Association (worldsteel).
Market sentiment shows improvement: PMA Business Conditions Report
Metalforming manufacturers say they’re more confident that near-term economic conditions are improving
Galvanized steel prices and demand remain stagnant in July: HARDI
Galvanized steel prices ping-ponged in the $50/hundredweight range during the month of July, settling in at roughly the same position as in June.
USW cheers Evraz NA agreement with Atlas Holdings
The United Steelworkers (USW) labor union celebrated recent news of the signed agreement between Atlas Holdings and Evraz NA in which the Connecticut-based private equity company said it plans to acquire North America’s Evraz facilities.