Steel Markets
Canadian Residential Construction Strong in January
Written by Sandy Williams
March 5, 2014
Canadian building permit value rose 8.5 percent in January to $7.0 billion after falling 4.8 percent in December. Higher building intentions in the residential sector more than offset building declines in the non-residential sector.
Building permits for residential construction increased to 18,366 units in January from 15,650 in December 2013. Single family dwellings permit authorization increased by 11.8 percent from the previous month and 5.3 percent year-over-year. Multiple family dwelling permits jumped 20.9 percent from December and 21.3 percent year-over-year.
In the non-residential sector increase in construction intentions for commercial buildings failed to offset declines in institutional and industrial construction. Hotel and restaurant construction contributed to a higher value for permits in the commercial sector, up 9.7 percent to $1.4 billion in January.
Statistics Canada reports seasonally adjusted data gathered from a monthly Building Permits Survey that covers 2,400 municipalities and 95 percent of the population. The data is considered a leading indicator of activity in the Canadian construction industry.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
Sheet market participants say sales still in a slump
Across the US and throughout the steel supply chain, market participants are reporting another painfully quiet week for hot-rolled (HR) coil sales.
CRU: Lower sheet prices have pulled back demand for imports
Domestic sheet prices in the US remained under pressure, limiting interest in imports, while domestic prices for longs products continued to rise.
President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.
USS, government officials give update on Clairton Coke Works incident
U.S. Steel, Allegheny County executive Sara Innamorato, and Pennsylvania Gov. Josh Shapiro clarified details from early reports about the Clairton Coke Works facility explosion just one day earlier.