Gibraltar Industries reported net sales increased 30 percent in third quarter 2015 to $305 million. Adjusted net income was $15.7 million compared with $9.5 million in Q3 2014. “Gibraltar delivered strong financial results in the third quarter, as we continued to execute on the value-creation strategy we introduced late last year,” said Chief Executive Officer […]
New home sales fell in September to a seasonally adjusted annual rate of 468,000, a decline of 11.5 percent from the August rate of 529,000. “It is not surprising to see sales pull back in September following a strong August reading, especially after a few months of weak job creation,” said NAHB Chief Economist David […]
The UAW and General Motors reached a proposed Tentative Agreement at 11:43 p.m. Sunday, avoiding a strike deadline of 11:59 p.m. “We believe that this agreement will present stable long-term significant wage gains and job security commitments to UAW members now and in the future,” said UAW President Dennis Williams. “We look forward to presenting […]
The United Autoworkers set a strike deadline of 11:59 Sunday, Oct. 25 for General Motors. VP and Director Cindy Estrada at the UAW General Motors Department sent GM the following notice: “In accordance with the parties’ September 14, 2015 Memorandum of Understanding extending the termination date of the September 16, 2011 National Agreement and Salaried […]
UAW workers have ratified a new four-year collective bargaining agreement with Fiat Chrysler in a 77 percent majority vote. “The recent bargaining process that took place on behalf of our members at FCA is a testament to the UAW’s democratic values and commitment to our members. The resolve of our membership and the dedication of […]
In September, vehicle sales reached a new post-recession high of almost 18.2 million units at a seasonally adjusted annual rate. This followed the August rate of 17.8 million units. Both at the time were the best pace since July 2005, when incentives caused sales to surge. Sales in September were 10 percent higher than the […]
Total housing starts in September were at an annual rate of 1,206,000 which was only the second time to break 1,200,000 since the recession. The first was in June. In September the three month moving average (3MMA) was 1,163,000 which was also the second best month since the recession. The best month was last month, […]
For weeks SMU procrastinated about taking the time to attend this year’s METALCON exhibition in Tampa, Florida. We ended up flying to Tampa yesterday morning (Wednesday) for the opening of the show and then returning to our offices last night. With all of the uncertainty which has enveloped the flat rolled steel industry over the […]
Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through August 2015. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for August 2015 decreased 0.3 percent […]
Each month the Commerce Department issues its Construction Put in Place (CPIP) data, usually on the first working day covering activity two months earlier. August data was released on Thursday October 1st. Construction Put in Place is based on spending work as it occurs, estimated for a given month from a sample of projects. In […]
The UAW and FCA have reached a new tentative agreement, avoiding a strike deadline by minutes. The UAW notified members at 11:41 pm Wednesday evening, saying “significant gains” were secured in the new agreement. “We heard from our members, and went back to FCA to strengthen their contract,” said UAW President Dennis Williams. “We’ve reached […]
The UAW issued a strike notice today to Fiat Chrysler. The notice from UAW Chrysler VP and Director Norwood Jewell gave a deadline of 11:59 p.m. Wednesday, Oct. 7, for cancellation of the current hour-by-hour contract extension. “FCA US confirms that it has received strike notification from the UAW,” said Fiat Chrysler in a statement […]
UAW negotiations with the Big Three automakers are on hold while the bargaining committee figures out its next move. The union announced on Thursday that the tentative agreement between the UAW and Fiat Chrysler was voted down by a 65 percent majority of the 40,000 workers at FCA. Although no directives have been issued, local […]
UAW workers will soon be voting on a new labor contract at John Deere factories. After a month of negotiations, a tentative agreement was announced on Oct. 1 following the expiration of the previous agreement at midnight on Sept. 30. The new agreement will cover John Deere workers at 12 factories in Iowa, Illinois and […]
UAW members rejected the tentative agreement with Fiat Chrysler in what is being called a vote of emotion over logic. UAW President Dennis Williams tried to put a positive spin on the rejection of the agreement, saying in a statement, “What I love about our organization most of all is that no matter what we […]
U.S. automotive sale results were released today under the shadow of a failed UAW tentative agreement with Fiat Chrysler. However, auto manufacturers kept their successful sales run going again in September. The Detroit Big Three all enjoyed double digit increases in sales last month. Ford gained 23 percent, General Motors 12 percent, and FCA 14 […]
Higher prices and tight inventory on existing homes are slowing home sales according to two reports released this week. Pending home sales for August, released by The National Association of Realtors, reports pending home sales retreated in August. The Pending Home Sales Index, based on contract signings, dropped 1.4 percent to 109.4 in August, compared […]
UAW voting is taking place on the tentative agreement between Fiat Chrysler and the union but early signs show workers are dissatisfied with the terms of the contract. The agreement must be ratified by a majority vote by 40,000 UAW members at 37 FCA sites. As of Friday, the majority of votes cast at UAW […]
WASHINGTON, D.C., September 24, 2015 – The Steel Market Development Institute (SMDI), a business unit of the American Iron and Steel Institute (AISI), has launched a new website that focuses on using steel for building construction. The new site, located at www.buildusingsteel.org, provides information for engineers, architects, owners, building contractors, code officials and other construction […]
Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through July 2015. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for July 2015 increased 3.5 percent, […]
“Steel will win out,” said Larry Kavanagh, president of the Steel Market Development Institute (SMDI) when asked about the use of aluminum in the automotive industry. SMU talked with Kavanagh about Ford’s announcement that it will increase the use of aluminum in the F-150, and potentially other vehicles, using Alcoa’s Micromill technology. The new Micromill […]
The UAW has released the details of the proposed 4-year agreement with Fiat Chrysler. Employee reaction to the tentative agreement was mixed at local unions. There were tough questions and criticisms to respond to at the informational meetings held by the leaders of the bargaining committee. UAW Vice President Norwood Jewell, who was instrumental in […]
In August, vehicle sales reached a new recovery high of 17.8 million units on a seasonally adjusted annualized basis. This was the highest pace since July 2005, when incentives caused sales to surge. The August sales figure was particularly driven by light trucks which increased from 9.7 to 10.1 million units annualized. Autos fell from […]
Details about the UAW tentative agreement with Fiat Chrysler are beginning to come out thanks to a report published Wednesday by the Detroit Free Press. According to their information and comments during the UAW/FCA press conference, the Tier gap will be narrowed and eventually go away. Tier 2 entry workers will start at $17 per […]
Total housing starts in August were at an annual rate of 1,126,000 which was the third best since October 2007. In August, the three month moving average (3MMA) was 1,166,000 which was the best result since December 2007. Total starts are still on track to reach 1.6 million units annualized by the end of 2018 […]
UAW President Dennis Williams and FCA US LLC CEO Sergio Marchionne held a news conference Tuesday evening at the UAW-Chrysler NTC Building in Detroit to announce that they have reached a tentative agreement. No details of the agreement were given but Williams and Marchionne alluded to doing away with the two-tier system over time and […]
Construction firms are finding it increasingly difficult to find qualified craft workers, according to a new report by the Associated General Contractors of America. More than 2 million construction workers were laid off in the 2008 recession with many of those never returning to the industry. In a survey of 1,358 construction firms, 86 percent […]
Planning for nonresidential construction increased in August according to the Dodge Momentum Index by Dodge Data & Analytics. The Index rose 2.8 percent from July to register 128.3. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending […]
Each month the Commerce Department issues its Construction Put in Place (CPIP) data, usually on the first working day covering activity two months earlier. July data was released on Tuesday September 1st. Construction Put in Place is based on spending work as it occurs, estimated for a given month from a sample of projects. In […]
United Auto Workers negotiations are nearing the contract expiration date of Sept. 14. The biggest issue this year is closing the gap in the two-tier wage structure at Detroit’s Big Three automakers. The two-tier system was established in 2007 to help auto manufacturers remain competitive with foreign counterparts. Tier 1, or legacy workers earn about […]