Construction activity in the U.S. is at an all-time high—but slowing. The Construction Put in Place (CPIP) expenditures data for February was released on April 1. Commerce Department data releases have now recovered from the government shutdown delays. Through February, total construction has negative momentum, but state and locally funded work, including infrastructure, had strong […]
The construction industry added 16,000 jobs in March and 246,000 jobs in the past 12 months, according to an analysis of new government data by the Associated General Contractors of America. “Construction employment rebounded in March, indicating that the dip in February was probably related to extreme weather conditions and not the beginning of a […]
The Dodge Momentum Index rose a slim 0.5 percent in March to 145.5. The Momentum Index, issued by Dodge Data & Analytics, 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. Institutional planning fell 3.0 […]
Heating and cooling equipment shipments totaled 1.49 million units in February, up 0.7 percent compared to one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Excluding the 5.1 percent slip last September, total monthly equipment shipments on a year-over-year basis have increased every month since November 2016. Residential […]
Major U.S. automakers reported weaker sales in March, in line with analysts’ forecasts. Cox Automotive expects auto sales volume for the month to drop 7 percent year-over-year to 1.547 million. The seasonally adjusted annual rate is forecast at 16.5 million vehicles. “The year has started relatively soft for new-vehicle sales,” notes Jonathan Smoke, chief economist […]
Construction spending increased 1.0 percent in February following a 2.5 percent gain in January, reported the Associated General Contractors of America in its latest analysis of government data. Construction spending totaled $1.32 trillion in February, up 1.0 percent from the January rate and a gain of 1.1 percent compared to February 2018. Public construction accounted […]
Sales of new single-family homes were at an 11-month high in February. Sales rose to a seasonally adjusted annual rate of 667,000, a 4.9 percent gain from January and a 0.6 percent increase from February 2018, the Commerce Department said on Friday. “This is a welcome bounce back for new home sales…and adds another hill […]
General Motors will build its new electric Chevy at its Orion Township plant in Michigan. The auto manufacturer announced it will invest $300 million at the facility as part of its $1.8 billion investment strategy for the U.S. The electric vehicle, originally slated for overseas assembly, will add 400 jobs at the plant. CEO Mary […]
Housing starts took a tumble in February, dropping 8.7 percent below January’s level for a seasonally adjusted annual rate of 1,162,000. Single-family starts plummeted 17.0 percent, although apartment-style housing of five units or more jumped 23.5 percent. Starts declined in all regions except the Midwest, which saw a gain of 26.8 percent for the month. […]
Thirty-seven states added construction jobs between February 2018 and February 2019, although construction employment increased in only 16 states between January and February, according to an analysis by the Associated General Contractors of America of Labor Department data. “Although job growth remains widespread on a year-over-year basis, the combination of exceptionally bad weather and record […]
Existing home sales jumped 11.8 percent in February for its largest month-over-month gain since December 2015. The seasonally adjusted annual rate rose to 5.51 million, strongly rebounding from January, said the National Association of Realtors. Sales compared to a year ago were down 1.8 percent. “A powerful combination of lower mortgage rates, more inventory, rising […]
Toyota hopes to prevent becoming a victim of auto tariffs by investing in its U.S. operations. The company has increased its 2017 pledge to invest $10 billion by 2021 to a new target of $13 billion. Toyota’s announcement last week includes $750 million for capacity increases and building expansions at Toyota’s plants in Huntsville, Ala., […]
Due to the government shutdown, this our first construction update since the October data was released on Dec. 3. The Construction Put in Place (CPIP) expenditures data for November through January was released on March 13. The results for total construction were disappointing with slowing growth in November, December and January. This was not a […]
Total heating and cooling equipment shipments in January rose 6.6 percent compared to one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Excluding the 5.1 percent slip last September, total monthly equipment shipments on a year-over-year basis have increased every month since November 2016. Residential and commercial storage […]
United Autoworkers are gearing up for contract negotiations this summer and are ready for a fight. At the UAW bargaining convention in Detroit last week, the UAW announced the negotiating teams for FCA and General Motors. Bargaining will be led by UAW President Gary Jones along with department directors Cindy Estrada at FCA and Terry […]
Sales of new single-family homes slowed in January following upward revisions of data for the previous two months. Sales dipped 6.9 percent from December to a seasonally adjusted annual rate of 607,000, said Commerce in a delayed report. The January rate fell 4.1 percent from the year-ago estimate of 633,000. “Combined with lower mortgage interest […]
Housing starts jumped 18.6 percent in January to a seasonally adjusted annual rate of 1.23 million, says a delayed report from the U.S. Census Bureau and Department of Housing and Urban Development. The increase was higher than the single-digit rise expected by economists. Single-family starts soared 25.1 percent from December to a rate of 926,000. […]
The Dodge Momentum Index, a measure of the initial report for nonresidential construction projects in planning, fell 4.4 percent to 146.9 in February after rebounding in January. “Since November, the Momentum Index has re-established a sawtooth pattern that’s often been present in recent years,” said Dodge Data & Analytics. “It’s also become clear that the […]
Sales of new single-family houses rose 3.7 percent from November to December to a seasonally adjusted rate of 621,000, says the latest report by the U.S. Census Bureau and the Department of Housing and Urban Development. November’s data was revised downward to 599,000 homes sold from a previously reported rate of 657,000. Sales fell 2.4 […]
“Moderate and balanced growth” is evident across the residential, nonresidential and public construction sectors, although labor shortages continue to plague the industry, says an analysis of new government data by the Associated General Contractors of America Construction spending dipped 0.6 percent in December to a seasonally adjusted annual rate of $1.29 trillion, but increased 1.6 […]
U.S. light vehicle sales in February missed analysts’ forecasts, falling 2.8 percent year-over-year, reported Edmunds.com. Sales were estimated at 1.26 million last month with a seasonally adjusted annual rate of 16.6 million units, down from 17.01 million a year ago. Sales are forecast to remain strong in 2019, but slower than in recent record years. […]
Housing starts plummeted 11.2 percent in December to a more than two-year low, signaling continued slowing in the housing market. Single-family starts fell 6.7 percent from November, while multifamily starts plunged 22 percent. “Looking back, the December drop in housing production correlated with the peak increase in mortgage rates and corresponding decline in builder sentiment,” […]
The rate of price growth for homes in the United States continued its slowing trend in December. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index grew 4.7 percent year-over-year in December compared to a gain of 5.1 percent in November. The 20-City composite posted a 4.2 percent year-over-year gain compared to 4.6 percent […]
Existing home sales fell for the third month in January for the lowest seasonally adjusted annual rate since November 2015, according to the National Association of Realtors. Sales dipped 1.2 percent from December to a SAAR of 4.94 million homes last month. Compared to a year ago, sales were down 8.5 percent. “Existing home sales […]
The Dodge Momentum Index rose 4.7 percent in January to 157.7 from a revised reading of 150.6 in December. The bounce back reversed December’s decline and put it in line with the average index reading for the second half of 2018. Institutional projects gained traction in January driven by public funding for schools and transportation […]
Auto sales dipped in January as cold weather and the government shutdown chilled consumer demand. Automotive News estimated the seasonally adjusted annual sales rate at 16.9 million, down from 17.72 million in December and 17.22 million in January 2018. Light trucks and SUVs continued to carry sales, inching up 0.3 percent while sales of cars […]
Total heating and cooling equipment shipments in December rose 3.0 percent compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Friday. Excluding the 5.1 percent slip last September, total monthly equipment shipments on a year-over-year basis have increased every month since November 2016. Residential and commercial […]
Sales of new homes soared in November to a seasonally adjusted annual rate of 657,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales increased 16.9 percent from October, but dropped 7.7 percent from the November 2017 estimate. The median sales price for new homes was $302,400 […]
Home prices are continuing to rise but at a slower rate, reports S&P Dow Jones Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was nearly flat in November, slipping 0.1 percent to a 5.2 percent annual gain for the month. Indices showed a steady drop in price gains throughout 2018. The 10-City […]
Existing-home sales ended the year with a steep decline, tumbling 6.4 percent in December from November to a seasonally adjusted annual rate of 4.99 million. The decline in sales was widespread across all four U.S. regions, according to the National Association of Realtors. On a year-over-year basis, existing home sales fell 10.3 percent. December sales […]