Steel Markets

Housing Starts Fall in August Despite Single-Family Gains
Written by Sandy Williams
September 16, 2020
Housing starts fell 5.1 percent to a seasonally adjusted annual rate of 1.42 million in August due to declines in multi-family construction. Single-family housing starts rose 4.1 percent from July’s annual rate, but multi-family starts plunged more than 20 percent, according to data from U.S. Housing and Urban Development and the Commerce Department.
Building permits slipped 0.9 percent from July to a SAAR of 1,470,000 driven by a decline in multi-family authorizations. Single-family permits jumped 6.0 percent from July.
“Total housing starts were down in August on a decline for multifamily construction, with multifamily 5+ unit permits now down 8.3 percent on a year-to-date basis,” said NAHB Chief Economist Robert Dietz. “But low interest rates and solid demand are spurring single-family construction growth, which makes up the bulk of the housing market. Single-family permits continue to rise as well and are now up almost 7 percent on a year-to-date basis.”
Regional permit authorizations fell from July levels everywhere except for the South, which had a 6.0 percent gain. Housing starts grew 28.4 percent in the Midwest and 19.5 percent in the West, but plummeted 33.1 percent in the Northeast and 17.7 percent in the South.
“Consistent with surging builder confidence, single-family starts rose in August to meet rising buyer traffic,” said NAHB Chairman Chuck Fowke. “Builders continue to face concerns in terms of rising lumber prices and supply chain shortages of other building materials.”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

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...

Great Lakes iron ore cargoes down in September as Cleveland tonnage slips
Iron ore shipments from US Great Lakes ports fell sharply in September, per the latest from the Lake Carriers’ Association (LCA) of Westlake, Ohio.