U.S. heating and cooling equipment shipments slowed in July to 2.10 million units, down 9.3% from the June record-high of 2.32 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). July levels are down 0.5% from levels one year prior, breaking the 13-month streak of shipments increasing on a year-over-year […]
The prices contractors pay for construction materials continued to increase in August, while many firms reported struggles to get those materials delivered on time, according to an analysis of government data by the Associated General Contractors of America. AGC urged Washington officials to address the challenges affecting the entire supply chain and driving the price escalations. […]
Semiconductor and related parts shortages continue to chip away at North American auto production – with Toyota alone slashing as many as 250,000 vehicles from production schedules over just three months. The list of automakers cutting back production includes other big names such as Stellantis as well as smaller automakers such as Subaru, which operates a […]
General Motors will resume production at some assembly plants next week, but is extending downtime at others into October because of the continued global chip shortage. “All of GM’s full-size truck and full-size SUV plants in North America will be running full production next week,” a company spokesman told SMU on Thursday, Sept. 9. The […]
The Dodge Momentum Index declined for a third straight month in August, a stark contrast from the six consecutive months of gains seen since the close of 2020. The downturn suggests strong headwinds from supply-chain limitations, rising raw material prices, and labor shortages that are plaguing the nonresidential construction sector, especially new projects. The index […]
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. The U.S. construction sector rose in July, lifted by gains in both the private and public sectors. Overall spending rose by 0.3% following a sideways revision for the month prior, the Commerce […]
General Motors Co. will halt production at nearly all North American assembly plants starting Monday, a company spokesperson confirmed to Steel Market Update. The widespread stoppages extend as the semiconductor chip shortage in Asia continues to cripple automakers worldwide, and particularly the U.S. GM said that most assembly plants in North America will idle starting Monday […]
Auto assemblies in North America plummeted in July, revealing the extensive impact the semiconductor scarcity is having on carmakers. Regionally, the annual production rate fell 21.5% or by nearly 270,000 vehicles in July versus the prior month, according to LMC Automotive (LMCA). The more alarming figure may be that July’s annual production rate was down 21.8% […]
Steel mills were supposed to see increased demand this summer as automakers ramped up production after putting the chip shortage in the rear-view mirror. That might no longer be the case. And now the COVID-19 pandemic is complicating matters further. Case in point: Dearborn, Mich.-based Ford Motor Co. is scaling back production of the F-150 […]
Electric vehicle (EV) sales have gotten a big boost from President Biden’s pledge to reduce harmful CO2 emissions. And the Biden administration’s infrastructure bill now under debate in Congress, which includes $7.5 billion in funding for a nationwide network of EV charging stations, could go a long way toward reducing the “range anxiety” that is […]
Construction employment is still trailing peak pre-pandemic levels in 36 states, reports the Associated General Contractors of America (AGC) in its latest analysis of government data. As the Delta variant threatens to hold down further gains, the AGC stressed that construction employment would benefit from new federal infrastructure investments, urging the House to quickly pass […]
Construction firms are struggling to find enough qualified workers to hire even as they continue to be impacted by pandemic-induced project delays and supply chain disruptions, according to the results of a workforce survey conducted by the Associated General Contractors of America and Autodesk. The survey results underscore how the coronavirus pandemic has created constraints […]
Toyota Motor Corp. is anticipating a reduction in automotive production in the range of 40-60% in North America. Except for Toyota’s San Antonio, Texas, plant, all North American vehicle assembly plants will be affected, a company spokesperson confirmed to Steel Market Update. “Due to COVID-19 and unexpected events with our supply chain, Toyota is experiencing […]
Housing starts fell by 7.0% in July as supply chain and labor challenges continue. The decrease brought the seasonally adjusted annual rate to 1.53 million units, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. The July reading includes a 4.5% decrease in single-family starts to […]
Builder confidence edged down in August to its lowest reading in 13 months due to higher construction costs, supply shortages and rising home prices, according to the NAHB/Wells Fargo Housing Market Index (HMI). The index contracted for the third time in as many months, falling five points to a reading of 75 in August, as […]
U.S. heating and cooling equipment shipments continued to increase through June, up 6.4% from the month prior to 2.32 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is now the highest level in SMU’s history, surpassing the previous high of June 2020 at 2.28 million units. June levels are up 1.6% […]
The steep rise in prices for construction materials and services continued in July, as contractors grapple with supply challenges, reported the Associated General Contractors of America in its latest analysis of government data. AGC officials have urged the Biden administration to immediately end tariffs and quotas on steel, aluminum, lumber and other essential construction items […]
Nissan Motor Co. will halt all production lines at its Smyrna, Tenn., factory for two weeks starting Monday due to semiconductor shortages brought on by a COVID-19 outbreak in Malaysia, a company spokesperson told Steel Market Update. The global chip shortage is having a signficant impact on the consumption of steel by the automotive industry. […]
Three companies with more than a century of experience in the U.S. steel and auto industries are teaming in a joint venture called Madison Metal Processing that will operate a new, $40 million factory near Huntsville, Ala. The companies collaborating in the venture are Toyota Tsusho America Inc., Southern Mobility Products and SteelSummit Holdings, a subsidiary of Sumitomo Corp. […]
The Dodge Momentum Index has declined for the second month in a row following six consecutive months of gains, suggesting that the pace of gains in the construction sector may be facing some headwinds. The index now stands at 155.8, down 5.5% from a revised June reading of 164.9, according to the latest Dodge Data & Analytics […]
General Motors has extended downtime at some auto assembly plants into September because of the ongoing semiconductor shortage. And the Detroit-based automaker said some of its truck plants would continue to see chip-related outages – a development that is notable because pickup trucks are among GM’s most profitable and in-demand vehicles. Here is where things stand now with GM: […]
The Biden administration is calling for mass adoption of electric vehicles (EVs) by 2030, a target supported by major U.S. automakers such as General Motors, Ford and Stellantis. The goal, reinforced with an executive order from the president, bolsters the U.S. auto industry’s efforts to reach a 40-50% EV penetration within the next nine years. […]
Construction sectors continued to diverge in June, reported the Associated General Contractors of America (AGC). Although residential construction increased month on month and when compared to the same year-ago period, nonresidential construction spending fell again. The nonresidential declines include a steep drop in spending on highway and street projects, prompting the AGC again to urge Congress […]
The U.S. construction sector saw mixed results in June. Overall spending rose by 0.1%, the Commerce Department reported, as an increase in private projects was offset by a decline in the public building segment. Supply chain disruptions, rising materials prices and labor shortages continue to hamper a construction sector trying to rebound from the COVID […]
Toyota Motor North America in now a member of the Auto/Steel Partnership (A/SP), joining automakers Stellantis and General Motors in a consortium that includes the American Iron and Steel Institute’s (AISI) Automotive Applications Council. “We are excited to welcome Toyota to our team of automakers, steel companies and tier supplier representatives who are dedicated to […]
“Electric vehicles are having a moment,” said auto market expert Bernard Swiecki – a moment likely to last for years. Swiecki’s Center for Automotive Research in Ann Arbor, Mich., is spending much of its time studying the sudden and surging interest in the various forms of low- or zero-emission electric vehicles (EVs), from plug-in hybrids, […]
Construction employment declined or stagnated in 101 metro areas between February 2020, the last month before the pandemic, and last month, reported the Associated General Contractors of America in its latest analysis of government data. Labor shortages and supply chain challenges have kept many firms from adding workers in various parts of the country, said […]
General Motors has extended chip-related outages to assembly plants that make its highly sought-after pickup trucks. The Detroit-based automaker, the largest in the U.S., had previously tried to shield truck plants from the impacts of the semiconductor shortage. Here is the latest: • General Motor’s assembly plant in Flint, Mich., will operate on one production […]
Sales of new single-family homes fell in June for the fifth time in six months, landing at 6.6% below May’s downward revised estimate at a seasonally adjusted annual rate of 676,000, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported on Monday. Sales fell by 19.4% when compared to the […]
Daimler AG has recognized Big River Steel (BRS) for its “exceptionally sustainable” steel. The electric arc furnace (EAF) producer, a U.S. Steel subsidiary, has helped the German automaker reduce the CO2 emissions attributed to the steel used in its Mercedes-Benz products by more than 70%. Emission-free mobility is a corporate goal for Damiler, which thinks climate […]