Construction employment edged up by just 2,000 jobs in April because contractors scrambled to find workers in an increasingly tight labor market, the Associated General Contractors of America (AGC) reported. “The pause in employment gains last month most likely signifies a shortage of qualified workers rather than any slowdown in demand for projects,” AGC chief economist […]
US construction spending in March totaled $1.730 trillion at a seasonally adjusted annual rate, just 0.1% above February’s total. Investment in construction cooled because increased spending on residential projects was offset by a decline in nonresidential investment, the Commerce Department reported. Construction spending in March missed expectations, down from a 0.5% gain in February and behind […]
The Dodge Momentum Index moved 6% higher in April, rebounding following lower revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 164.8 last month, up from March’s downward revised reading of 155. In April, planning for commercial projects drove the index’s overall reading upward, expanding […]
Nonresidential and multifamily construction spending slumped in March as supply-chain woes and labor shortages stymied strong project demand, the Associated General Contractors of America (AGC) reported. Spending on most categories of nonresidential and multifamily construction declined from February to March, AGC said, noting that contractors struggled to find enough workers and to get timely deliveries […]
Housing’s share of the economy edged higher at the start of 2022 due in part to a surprise drop in GDP growth. For the first quarter of 2022, overall GDP growth declined at a 1.4% annual rate, driven by increased inventories and a jump in imports, according to the National Association of Home Builders’ analysis […]
Ford Motor Co. will idle some production of the Ford Mustang sports car due to the ongoing global semiconductor chip shortage, a company spokesperson told Steel Market Update (SMU). Ford’s Flat Rock Assembly Plant located just 24 miles south of downtown Detroit, Mich., will see a production outage on Thursday, April 28 and Friday, April […]
Sales of new single-family homes fell 8.6% in March compared to the month prior because buyers were deterred by higher prices. The sticker shock results largely from supply chain disruptions and rising mortgage rates. The seasonally adjusted rate in March was 763,000, down an even steeper 12.6% compared to March 2021, the US Department of […]
General Motors will take a week-long downtime at its Bowling Green, Ky., assembly starting Monday, April 25, a company spokesperson told Steel Market Update (SMU). “Only plant down next week is Bowling Green,” he said. “Last-minute issue popped up – a part shortage, not chip-related.” The plant specializes in assembling GM’s Y-body sports cars. The […]
Existing-home sales fell in March for the second consecutive month, according to the National Association of Realtors. Three out of the four major US regions saw sales fall month-over-month in March while holding steady in the West. Sales were down across each region year-over-year. March sales fell 2.7% from February to a seasonally adjusted annual […]
Housing starts declined in March, driven by rising mortgage interest rates and ongoing supply chain bottlenecks that continue to delay construction projects and raise home building costs. Though the single-family housing market showed signs of softening last month, strong multifamily production pushed overall housing starts up 0.3% to a seasonally adjusted annual rate of 1.79 […]
Builder confidence fell in April as strong headwinds continue to erode housing affordability and delay projects, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Homebuilder sentiment fell for the fourth straight month, as rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take […]
Contrary to the support echoed from domestic iron and steel organizations, the new ‘Buy America’ mandates introduced by the White House have drawn strong criticism from the Associated General Contractors of America (AGC). The association suggests that such measures laid out under the guidance will undermine the nation’s ability to build and improve infrastructure. “AGC […]
Construction employment exceeded pre-pandemic levels in just 32 states in March, as record-high job openings held back hiring, said the Associated General Contractors of America (AGC) in its latest analysis of federal employment data. “Contractors have been adding workers as fast as they can find them,” said Ken Simonson, AGC’s chief economist. “But there just […]
Toyota North America has slashed its April production by an estimated 47,000 vehicles, with more reductions in May still possible due to the prolonged global microchip and parts shortage, a company spokesperson told Steel Market Update (SMU). “Toyota’s North American plants continue to face intermittent production delays due to supply chain disruptions,” she said. “We […]
North American auto assemblies grew by 18.1% in March, expanding for the third straight month despite ongoing supply hurdles. Though North American production has improved since last December, March’s recovery was just 1% higher year on year. And it’s still 13.5% below the pre-pandemic period of March 2019. At the onset of 2022, the global auto […]
US light vehicle sales fell to 1.26 million units in March, down 22% year on year. The annualized selling rate declined to 13.332 million units from 14.071 million units the month prior, the US Bureau of Economic Analysis (BEA) reported. Interest rates are rising. But that’s probably not what’s holding sales back. It is supply rather […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – jumped by more than 21% in March versus the same year-ago period, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. The association has called for relief from tariffs, urging the Biden administration […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. US construction spending in February totaled $1.704 trillion at a seasonally adjusted annual rate, rising less than expected as an increase in outlays on private projects was partially offset by a decline […]
Construction employment exceeded pre-pandemic levels in nearly 60% of US metro areas through February, according Associated General Contractors of America (AGC) figures. AGC also said it is getting harder to find workers and urged officials to invest more in career training and education programs for the construction sector. “The rebound in construction employment in most […]
US heating and cooling equipment shipments in February rose 0.8% from January to 1.84 million units, up 9.2% from levels one year prior, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). The highest monthly shipment rate on record was recorded last June, when 2.32 million units were shipped in a single month. […]
The US construction sector added 19,000 new workers to payrolls in March, while spending on construction projects rose for the 12th straight month through February, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. Despite repeated gains, the AGC urged US trade officials to end tariffs on key materials […]
The Dodge Momentum Index moved 4% higher in March, maintaining the growth seen the month prior, according to data and analytics from the Dodge Construction Network. The index registered 166.9 last month, up from February’s revised reading of 160.3. In March, planning for commercial projects drove the index’s overall reading upward, expanding by 7% while […]
The global microchip shortage and snarled supply chains continue to trouble North American automakers nearly two years after these issues first resulted in widespread production outages. The list of carmakers impacted this week is extensive, including the Detroit-area “Big Three” – GM, Ford, and Stellantis (formerly Chrysler) – as well as Honda and Toyota. General […]
Sales of new single-family homes tumbled 2% in February compared to the month prior on a lack of existing home inventory as well as rising mortgage rates and construction costs. The seasonally adjusted rate in February was 772,000 units, down an even steeper 6.2% compared to February 2021, the U.S. Department of Housing and Urban Development […]
While February construction employment exceeded pre-pandemic levels in nearly two-thirds of US states, the Associated General Contractors of America (AGC) cautions further gains could be undermined if skyrocketing materials costs and delayed shipments postpone or cancel projects. “Construction is doing well at the moment in most states, but fast-rising costs may cause some owners to […]
General Motors will pause part of its Chevrolet Silverado and GMC Sierra production for two weeks in April because of the ongoing microchip shortage, a company spokesperson told Steel Market Update (SMU). The Detroit-based automaker’s Fort Wayne, Ind., assembly plant will take downtime the weeks of April 4 and April 11, the company’s first chip-related […]
Housing starts grew in February, boosted by a strong multifamily reading and despite production bottlenecks as well as rising construction costs. Strong demand and low levels of existing inventory aided last month’s results, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Overall housing starts increased 6.8% to […]
Existing-home sales contracted in February, according to the National Association of Realtors. Each of the four major U.S. regions saw sales fall on a month-over-month basis in February, while sales activity year-over-year was also down overall. Three out of four regions reported drops in transactions. The South saw the sole increase. February sales fell 7.2% […]
North American auto assemblies grew by 8.0% in February, expanding for the second straight month despite ongoing supply hurdles. Though last month’s production was 2.2% higher year on year, it was 21.1% below the same pre-pandemic period in 2020. Despite February’s production gains, the industry was met with strong supply-related headwinds. The ongoing supply-chain and […]
Toyota North America has scaled back its production by an estimated 35,000 vehicles in March, with more reductions in April still possible due to the prolonged global microchip scarcity, a company spokesperson told Steel Market Update (SMU). “Toyota’s North American plants continue to face intermittent production delays due to many supply chain disruptions,” she said. […]