Construction employment declined in nine out of ten metro areas from March to April, during a season when the industry normally sees employment levels climb, said the Associated General Contractors of America in an analysis of new government data. “Today’s employment report shows how few areas were left unscathed by April’s unprecedented job losses,” said […]
The Dodge Momentum Index was nearly unchanged at 129.2 in May compared to 129.4 in April. The commercial component of the index rose 1.0 percent while the institutional component dropped 1.9 percent. The Index is a significant predictor of future construction. The monthly index is a measure of the first report for nonresidential building projects […]
The House has proposed an infrastructure bill that would provide $494 billion over the next five years to improve the nation’s highways, rails and transit systems. The INVEST in America Act includes $319 billion for highway investment, $105 billion for transit agencies, $10 billion for motor vehicle safety and $60 billion for rail investment. The […]
April heating and cooling equipment shipments totaled 1.44 million units, down 17.5 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the largest year-over-year decline seen in nearly 11 years, going back to June 2009. As a three-month moving average, total heating […]
Total U.S. construction declined by 2.9 percent in April, compared with March, on a seasonally adjusted basis. On a non-adjusted basis, data for April had a positive growth of 2.3 percent, which was unusually low for this time of year. Normally April expenditures are about 8 percent higher than March. On a year-over-year basis and […]
Auto sales in May are expected to be up 49 percent from April as the economy starts to reopen, says Cox Automotive. Sales are forecast to finish the year around 11.4 million vehicles, better than last month’s annual rate of 8.6 million, but far below the 17.4 million level seen in 2019, said Cox. “Recent […]
Construction spending fell 2.9 percent in April after holding steady in March. The Department of Commerce estimates construction spending was at a seasonally adjusted annual rate of $1.35 trillion—the lowest total since November, says the Associated General Contractors of America. Public construction spending dropped 2.5 percent from March to $342.1 billion. Private spending fell 3.0 […]
Construction jobs reached multi-year lows in many states in April, according to the latest analysis of government data by the Associated General Contractors of America. Construction employment declined in every state except South Dakota, for a loss of 975,000 jobs last month. Employment in the sector was down 13 percent from March to April with […]
Home prices rose 4.4 percent in March compared to a year ago and 4.2 percent from February, according to the latest S&P Core Logic Case Shiller Index. The 20-City Composite edged up 3.9 percent from 3.5 percent in February. The Composite was short one city, Detroit, due to reporting delays related to the COVID-19 pandemic. “March’s […]
New home sales rose slightly in April, inching up 0.6 percent to a seasonally adjusted annual rate of 623,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to April 2019, home sales declined 6.2 percent. Median sales price was $309,900 and the average […]
Existing-home sales slid almost 18 percent in April, according to the National Association of Realtors. Sales fell 17.8 percent month-over-month and 17.2 percent from a year ago to a seasonally adjusted annual rate of 4.33 million units. Sales were at the lowest level and worst month-over-month decline since July 2010. “The economic lockdowns – occurring […]
Housing starts plummeted 30.2 percent in April compared to March, falling to a seasonally adjusted annual rate of 891,000 and the lowest level since 2015. Compared to April 2019, starts tumbled 27.9 percent, said the U.S. Census Bureau and the Department of Housing and Urban Development. Building permit authorizations were at a SAAR of 1,074,000, […]
A new survey of construction firms by the Associated General Contractors of America shows that two-thirds of firms have reported project cancellations or delays due to concerns about the pandemic or future funding. Fewer construction projects equal more job losses; 43 percent of firms surveyed reported staff cuts between March and May. Construction employment fell […]
March heating and cooling equipment shipments totaled 1.94 million units, up 0.1 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). As a three-month moving average, total heating and cooling shipments were down 0.3 percent. This is the fifth consecutive month total shipments have […]
The Dodge Momentum Index fell 6.0 percent in April to 135.9. The monthly index by Dodge Data & Analytics measures the first report for nonresidential building projects in planning, which has been shown to lead construction spending by a full year. The commercial component of the index fell 7.6 percent, while the institutional component slid […]
Auto sales were expected to be low in April and predictions were correct. Edmunds estimates U.S. sales fell 36.6 percent from March and 52.5 percent compared to April 2019. “April auto sales took the biggest hit we’ve seen in decades,” said Jessica Caldwell, Edmunds’ executive director of Insights. “These bleak figures aren’t just because consumers […]
COVID-19-related shutdowns and project cancellations caused construction employment in March to decline in 99 out of 348 metro areas year-over-year, said the Associated General Contractors of America in an analysis of government data. In an April 20-23 survey conducted by AGC, 68 percent of construction firms reported projects canceled or delayed in the past two […]
Home prices continued to increase in February before the coronavirus shutdowns, gaining 4.2 percent annually, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. The 20-city composite grew 0.4 points for a 3.5 percent year-over-year gain. Prices were strongest in the West and Southeast and comparatively weaker in the Midwest […]
General Motors and Fiat Chrysler have proposed reopening in early May, but United Autoworkers are pushing back due to safety concerns. “At this point in time, the UAW does not believe the scientific data is conclusive that it is safe to have our members back in the workplace,” said UAW President Rory Gamble in an […]
Automotive assemblies in North America nosedived in March as vehicle manufacturers shut down their plants to protect their employees from the spread of the coronavirus. Most plants ceased operations in mid-March, so the data does not reflect a full month of shutdowns, thus the effect may be even more pronounced in April. Data from LMC […]
Sales of new and existing homes both fell during March as the COVID-19 virus took hold of America. New home sales in March plummeted 15.4 percent from February levels to a seasonally adjusted annual rate of 627,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales were down 9.5 […]
A major supplier to Ford Motor Company was devastated by a tornado on April 13, potentially adding to the challenges Ford will face in resuming production when the coronavirus restrictions are lifted. The BorgWarner plant in Seneca, S.C., was heavily damaged as winds ripped off the roof and many of the walls, leaving the interior […]
Construction employment decreased in 20 states and the District of Columbia from February to March, held steady in six states and increased in 24 states, according to an analysis of new government data by the Associated General Contractors of America. During the 12 months ending in March, construction employment declined in only seven states and […]
Housing starts plummeted 22.3 percent in March to a seasonally adjusted annual rate of 1,216,000, according to new data from the U.S. Census Bureau and Department of Housing and Urban Development. Single-family starts declined 17.5 percent and multifamily starts of five units or more plunged 32 percent. “Single-family starts began an expected, virus-related decline in […]
February heating and cooling equipment shipments totaled 1.52 million units, up 2.3 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). As a three-month moving average, total heating and cooling shipments were down 0.1 percent, the fourth consecutive monthly decline. Residential and commercial storage […]
President Trump’s move to greatly ease automotive emissions targets may impact the environment, for better or worse, but likely not steel suppliers to the auto industry. The Trump administration has finalized its Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026, following through on the president’s promise to reverse the Obama-era rules that he […]
Layoffs are rapidly increasing at construction firms, says a new survey by the Associated General Contractors of America. Twenty-seven percent of firms surveyed by AGC this week reported layoffs as a result of the COVID-19 crisis, contrasting with government data for March showing construction employment declining by 29,000 as of mid-month. “The March employment data […]
The Dodge Momentum Index slipped slightly in March, retreating 0.6 percent to a reading of 146.5. The momentum index is a monthly measure of the initial report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. In March, the commercial component of the […]
Auto sales plummeted in March as stay-at-home orders kept consumers from dealer showrooms. March sales were down significantly following a strong showing in January and February. Toyota Motor NA reported U.S sales tumbled 36.9 percent for the month and 8.8 percent for the quarter. Fiat Chrysler and General Motors noted considerable declines in March and […]
Infrastructure is finally getting some attention again, despite and because of the cornavirus. Congress and the White House are calling for an infrastructure bill to be included in the fourth COVID-19 relief package. “With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill,” Trump […]