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 […]
More than 800,000 car enthusiasts turned out for the North American International Auto Show this week in Detroit to admire the shiny new offerings for the 2019 model year. The steel industry is even more interested in what’s beneath those shiny exteriors. The Steel Market Development Institute displayed a degree of pride in congratulating the […]
Housing start data is on hiatus as the partial government shutdown continues. The National Association of Home Builders, however, estimates that single-family starts ended 2018 at 876,000 units, a 3 percent gain from the 2017 total of 848,900 in 2017. Builder confidence increased in January, rising two points to 58 on the NAHB/Wells Fargo Housing […]
Construction costs declined in December after a year of price spikes, but remained higher than a year ago, said the chief economist for the Associated General Contractors of America. “Steep declines in fuel prices in December offset mixed costs for other construction inputs, but most materials and services posted higher year-over-year increases than in 2017,” […]
Auto production in North America exhibited the normal slowdown in December. This is a new report using LMC Automotive as the data source for automotive assemblies in the U.S., Canada and Mexico. The breakdown of assemblies is “Personal” (cars for personal use) and “Commercial” (light vehicles rated at less than 6.0 metric tons gross vehicle […]
The Dodge Momentum Index, a monthly measure of the first report for nonresidential building projects in planning, fell 4.9 percent in December to an index reading of 151.9. The decline was due to a 7.6 percent drop in the commercial component of the index, while the institutional component fell only 0.7 percent. Nonresidential planning made […]
U.S. auto sales topped the 17 million mark for the fourth year in a row. Total sales for the year are estimated at 17.2 million to 17.3 million vehicles. “New-vehicle sales were surprisingly strong in 2018 despite late cycle headwinds from higher interest rates and more nearly-new competition in the used market,” said Jonathan Smoke, […]
Total heating and cooling equipment shipments in November rose 2.4 percent compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Friday. Aside from the 5.1 percent slip in September, total monthly equipment shipments on a year-over-year basis had increased every month since November 2016. Residential and […]
Rising housing affordability issues continue to hinder single-family construction even as total housing starts increased in November, reports the National Association of Home Builders. According to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department, overall housing starts rose 3.2 percent in November to a seasonally adjusted annual […]
The latest jobs report from the Department of Labor showed fewer jobs were added in November than expected. The U.S. economy added 155,000 jobs and the unemployment rate remained steady at 3.7 percent. Economists expected the report to come in at about 190,000 jobs for the month. The three-month average was 170,000. Construction employment increased […]
Total heating and cooling equipment shipments in October rose 10.2 percent compared to one year ago, according to data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) on Wednesday. Aside from the 5.1 percent slip in September, total monthly equipment shipments on a year-over-year basis had increased every month since October 2016. Residential and […]
Construction in the United States is experiencing strong growth led by nonresidential building and infrastructure expenditures, according to Steel Market Update’s analysis of the latest Commerce Department Construction Put in Place data. On Dec. 3, Commerce released CPIP expenditures data for October. The growth of total construction on a rolling 12-month basis year over year […]
Dropping sedans from its lineup proved to be a smart move for Fiat Chrysler. Sales in November jumped 17 percent as sales of the Ram pickup surged 42 percent and sales of SUV models gained 20 percent or more. “The market continues to abandon cars, with no end in sight,” said Karl Brauer, executive publisher […]
Sales of new single-family homes dropped 8.9 percent to a seasonally adjusted annual rate of 544,000 from an upwardly revised September estimate of 597,000 units, according to the latest data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. October sales were at the lowest sales pace since December 2016 […]
General Motors announced Thursday that it will stop production at five North American assembly plants by the end of 2019, alarming workers and suppliers. The closings include Detroit-Hamtramck, Warren Transmission and Lordstown Assembly in Ohio, Oshawa Assembly in Ontario and Baltimore Operations in Maryland. It will be the first closure for GM since 2010. The […]
Home price increases are slowing, according to the latest S&P CoreLogic Case-Shiller Index. The National Home Price NSA Index reported a 5.5 percent annual gain in September, down from 5.7 percent in August and the second consecutive decline. Sixteen of the 20 cities reported smaller annual price gains. Gains are now at the lowest level […]
After six months of decline, existing-home sales showed some improvement in October. Completed transactions for single-family homes, condos, townhomes and co-ops increased 1.4 percent from September to a seasonally adjusted annual rate of 5.22 million, according to data from the National Association of Realtors. The increase was tempered by a 5.1 percent drop in sales […]
Builder confidence, as measured by the NAHB/Wells Fargo Housing Market Index, fell eight points in November to its lowest reading since mid-2016. The index posting of 60 was still in positive territory, but indicated caution among builders. “Builders report that they continue to see signs of consumer demand for new homes but that customers are […]
Builder confidence in the market for newly-built single-family homes fell four points to 56 in December on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) as concerns over housing affordability persist. Although this is the lowest HMI reading since May 2015, builder sentiment remains in positive territory. “We are hearing from builders […]
Housing starts rebounded in October due to multi-family construction, while single-family starts continued to decline. Overall housing starts were 1.5 percent higher from September to October for a seasonally adjusted annual rate of 1,228,000, according to Commerce data. Multi-family starts were up 6.2 percent, but single-family starts declined 1.8 percent. Starts climbed 32.9 percent in […]
The price of new nonresidential buildings accelerated in October as contractors attempted to recoup fast-rising costs for materials and labor, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials said that trade tensions and labor shortages are contributing to higher construction prices, making it harder for […]
The Associated General Contractors of America urged the newly elected Congress to work together to make infrastructure funding a top priority in 2019. A statement from the chief executive officer of AGC, Stephen E. Sandherr, follows: “We congratulate all the winners from tonight’s election and look forward to having the opportunity to educate newly elected […]
The Dodge Momentum Index moved lower in October, dropping 4.2 percent from September to a reading of 150.5. The index, published by Dodge Data & Analytics, is a monthly measure of the first report for nonresidential projects in planning, which have been shown to lead construction spending by a full year. Commercial and institutional planning both […]
Construction is experiencing strong growth led by nonresidential building and infrastructure expenditures. On Nov. 1, the Commerce Department released the Construction Put in Place (CPIP) expenditures data for September. The growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to 4.2 percent in September. On a […]
Construction employment increased by 30,000 jobs in October and by 330,000 jobs over the past year, topping 7.3 million for the first time since April 2008, while the industry’s average pay jumped and unemployment decreased to a historic low, according to an analysis of new government data by the Associated General Contractors of America. Despite […]