Steel Markets

AGC Urges Changes to Tax Reform Bill to Sustain Construction Growth
Written by Sandy Williams
November 29, 2017
Construction employment increased in 243 out of 358 metro areas between October 2016 and October 2017, declined in 59 and stagnated in 56, according to a new analysis of federal employment data released by the Associated General Contractors of America.
“Growing demand, especially from the private sector, is continuing to drive construction employment gains in many parts of the country,” said Ken Simonson, the association’s chief economist. “The tax reform proposals now being debated in Washington can do even more to help ensure that metro areas will continue to add new construction jobs.”
Association officials said there was still time to improve the tax reform measure, noting that Senators have an opportunity to make improvements to the proposal. In particular, they urged Senators to set the final tax rate for pass-through businesses at a comparable level to the rate for corporations. And they urged Senators to boost infrastructure funding.
“Lowering the tax burden on many small and medium-sized employers and including new infrastructure funding will bring immediate and widespread benefits to local economies across the country,” said Stephen E. Sandherr, the association’s chief executive officer. “That is why the construction employers and workers our association represents are committed to helping ensure any final tax reform measure actually helps support continued construction job growth.”
Riverside-San Bernardino-Ontario, Calif., added the most construction jobs during the past year (14,700 jobs, 15 percent), followed by Las Vegas-Henderson-Paradise, Nev. (10,500 jobs, 18 percent); New York City, N.Y. (10,100 jobs, 7 percent); Portland-Vancouver-Hillsboro, Ore.-Wash. (8,000 jobs, 12 percent) and Los Angeles-Long Beach-Glendale, Calif. (7,500 jobs, 6 percent). The largest percentage gains occurred in the Cheyenne, Wyo., metro area (24 percent, 800 jobs) followed by Las Vegas; Killeen-Temple, Texas (16 percent, 1,600 jobs); and Lake Charles, La. (16 percent, 3,600 jobs).
The largest job losses from October 2016 to October 2017 were in Houston-The Woodlands-Sugar Land, Texas (-7,900 jobs, -4 percent), followed by Columbia, S.C. (-3,100 jobs, -18 percent); Kansas City, Mo. (-3,000 jobs, -11 percent); Middlesex-Monmouth-Ocean, N.J. (-2,300 jobs, -6 percent) and San Jose-Sunnyvale-Santa Clara, Calif. (-2,100 jobs, -4 percent). The largest percentage decreases for the year were in Grand Forks, N.D.-Minn. (-25 percent, -1,200 jobs) followed by Columbia, S.C.; Eau Claire, Wis. (-11 percent, -400 jobs) and Kansas City, Mo. (-11 percent, -3,000 jobs).

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

Hot-rolled sources say demand continues to dwindle, prices feel arbitrary
Genuine demand, they stated, will return when the market feels stable again.

FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.

Thin demand keeps plate prices hovering at lowest levels since February
Participants in the domestic plate market say spot prices appear to have hit the floor, and they continue to linger there. They say demand for steel remains thin, with plate products no exception.

Worldsteel: Global steel demand flat, but modest rebound forecast for 2026
The World Steel Association (worldsteel) Short Range Outlook for global steel demand predicts that 2025’s steel demand will clock in at the same level as in 2024. In its October report, the Brussels-based association stated that this year’s steel demand will reach ~1,750 million metric tons (mt). The organization forecasts a 1.3% demand rebound in 2026, pushing […]

CRU: China’s indirect steel exports find new destination markets
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...