Architecture firms reported fewer new design projects in March as uncertainty grows regarding the length and impact of the coronavirus crisis. A special mid-month survey by the American Institute of Architects found that 28 percent of respondents reported directed delays in current projects or those slated to start in 30 days. An additional 11 percent […]
The January S&P CoreLogic Case-Shiller Index showed home price growth at 3.9 percent prior to the coronavirus pandemic. “During the next two months, home price gains will likely continue to outpace inflation for Case-Shiller Index values seen through March,” says Frank Nothaft, chief economist at CoreLogic. “This is likely because most sales that settle during […]
Thirty-nine percent of contractors report that project owners have halted or canceled current construction projects amid deteriorating economic conditions, according to a survey by the Associated General Contractors of America. The project cancellations are particularly severe in light of new data showing that 42 states added construction jobs through February. “The abrupt plunge in economic […]
The coronavirus pandemic has caused more than one out of four contractors to halt or delay work on current projects, according to a new survey by the Associated General Contractors of America. As an industry, construction is the biggest consumer of steel worldwide. The survey results show how quickly market conditions have changed. AGC data […]
Sales of new homes in February rose 4.4 percent to a seasonally adjusted annual rate of 765,000, according to estimates by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to February 2019, sales jumped 14 percent. “New home sales were solid in February before challenges associated with the coronavirus set […]
Existing-home sales jumped 6.5 percent in February, with all regions seeing higher sales except the Northeast, reports the National Association of Realtors. Sales rose to a seasonally adjusted annual rate of 5.77 million in February, a 7.2 percent gain from a year ago. “February’s sales of over 5 million homes were the strongest since February […]
U.S. automakers are suspending production for nearly two weeks to help stop the spread of COVID-19. Ford, General Motors and FCA announced on Wednesday that they will stop all production in North America starting Thursday evening and tentatively ending March 30. “GM and the UAW have always put the health and safety of the people […]
Housing starts dipped 1.5 percent from January to February to a seasonally adjusted annual rate of 1,599,000, but were 39.2 percent higher than a year ago, according to a report from the U.S. Housing and Urban Development and Commerce Department. Single-family housing starts jumped 6.7 percent in February to 1,072,000 while starts for housing with […]
Construction employment numbers increased in January, but the Associated General Contractors of America says the coronavirus is likely to significantly affect employment beginning in March. “There is no doubt the coronavirus will have a significant impact on our economy, including the construction sector,” said Stephen E. Sandherr, the association’s chief executive officer. “That is why […]
The U.S. auto industry is taking steps to protect their workers in this unprecedented time of global pandemic. Ford, General Motors, Fiat Chrysler and the UAW have formed a COVID-19/Coronavirus Task Force to implement enhanced protections for manufacturing and warehouse employees at all three companies. In a joint statement, the leaders of GM, Ford and […]
January heating and cooling equipment shipments came in at 1.56 million units, down 3.2 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 in total shipments since June 2019 (down 5.8 percent). As a three-month moving average, total […]
The Department of Labor announced its final rules for the Industry-Recognized Apprenticeship Programs with the glaring exclusion of programs for the construction industry. “It remains troubling that the administration has wasted so much time, energy and political capital in creating a new apprenticeship program that is both deeply flawed and fails to address construction workforce […]
In January, total construction continued to boom with a 5.1 percent year-over-year growth rate Total construction is enjoying a remarkable turnaround with positive momentum in all sectors. The January results for total construction spending yielded the best growth rate for 15 months. Growth is being led by state and locally funded work including infrastructure, but […]
The construction industry’s unemployment rate hit a new February low of 5.5 percent, according to an analysis of new government data by the Associated General Contractors of America. Construction employment increased by 42,000 jobs in February and by 223,000, or 3.0 percent, over the past 12 months. AGC officials said some of the gains were […]
Nonresidential construction planning slowed in February, according to the latest report from Dodge Data & Analytics. The Dodge Momentum Index moved 1.8 percent lower to 148.7 from the revised January reading of 151.4. The Momentum Index is a monthly measure of initial reports for nonresidential building projects in planning, which have been shown to lead […]
February was a good month for auto sales, with automakers posting higher sales as buyers took advantage of incentives and President’s Day discounts. Toyota sales moved up 12 percent to 194,152 units, while Honda sales gained 4.2 percent. Hyundai sales were driven by consumer enthusiasm for crossover vehicles, gaining 15.8 percent for the month. Most […]
Construction spending increased 1.8 percent to $1.369 trillion in January, according to a new analysis of federal data by the Associated General Contractors of America. “Public spending on infrastructure, along with single-family housing, was exceptionally robust in January,” said Ken Simonson, the association’s chief economist. “While overall economic conditions remain favorable, future construction spending levels […]
Sales of new homes in January jumped 7.9 percent from December to a seasonally adjusted annual rate of 764,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. Sales were 18.6 percent higher than the January 2019 estimate. “The January sales pace matches what builders are saying in NAHB surveys – […]
This report is based on data from LMC Automotive for automotive assemblies in the U.S., Canada and Mexico. The breakdown of assemblies is “Personal” (cars for personal use) and “Commercial” (light vehicles less than 6.0 tonnes gross vehicle weight rating, heavy trucks and buses are not included). In this report we will briefly describe light […]
Heavy equipment manufacturer John Deere sees early signs of improvement in the U.S. agriculture sector, following the passage of USMCA and the Phase 1 trade agreement with China. “U.S. farm cash receipts are expected to increase in 2020, aided in part by the recently announced third tranche of market facilitation payments, which totaled $3.6 billion, […]
Home prices, as reported by S&P Dow Jones, rose at a modest rate in December 2019. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. Census divisions, reported a 3.8 percent annual gain in December, up from 3.5 percent in November. S&P Dow Jones noted that following a period of […]
Existing-home sales started the year strong at a seasonally adjusted rate of 5.46 million in January. Sales slipped 1.3 percent from December, but were up 9.6 percent from a year ago. “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales,” said Lawrence Yun, chief […]
Architecture firms reported an increase in business in January. The American Institute of Architects’ Architecture Billings Index rose to 52.2 last month, compared to a revised score of 52.1 in December. New project inquiries and new design contracts for nonresidential construction posted scores of 57.9 and 56.0, respectively. “Despite the continued presence of volatility in […]
Housing starts slowed in January but remained at a solid pace, while building permits surged to a 13-year high. January starts were down 3.6 percent from December to an adjusted annual rate of 1,567,000, but were 21.4 percent higher than a year ago. Construction starts for single-family homes fell 5.9 percent compared to December. Multi-family […]
December heating and cooling equipment shipments came in at 1.61 million units, up 0.6 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the second consecutive month that total shipments have increased on a year-over-year basis. Residential and commercial storage water heater […]
Automakers are being challenged to put their best vehicles forward in the fight against climate change. Europe’s new emissions regulations for passenger and light commercial vehicles went into effect as of Jan. 1 this year. Going forward, auto manufacturers selling cars in the EU will work toward a 15 percent reduction of CO2 emissions by […]
The American Trucking Association appealed for the implementation of a fuel tax to support highway and border infrastructure during recent testimony in Washington by President and CEO Chris Spear. “The fuel tax is the most immediate, cost-efficient and conservative mechanism currently available for funding surface transportation projects and programs. Collection costs are less than 1 […]
The Dodge Momentum Index fell 2.7 percent in January to 152.5 following four months of gains. The index is a measure of the first report of nonresidential projects in planning, which have been shown to lead construction spending by a full year. Planning for commercial projects increased 2.7 percent, but a 11.0 percent decline in […]
Steel Market Update is pleased to share this Premium content with Executive members. For more information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The November and December results for construction spending are suggesting a turnaround. December’s growth rate was the best in the past 13 months. The growth of private construction almost […]
Construction spending slowed in December, but contractors remain optimistic about new projects for 2020. Construction spending dipped 0.2 percent from November to December due to a decline in nonresidential project spending. A 1.4 percent jump in private residential spending, supported by a 2.7 percent increase in single-family home construction, failed to offset a decline in […]