GM is transforming its propulsion plant in Toledo, Ohio, in preparation for EV-related production. The Detroit-based auto manufacturer is investing $760 million to produce powertrains that will be used in future electric vehicles, with renovations starting this month. The news comes just one week after the company announced that it is investing in updating its […]
Ford Motor Co. has broken ground on a new, $5.6 billion auto production complex in Stanton, Tenn., where it plans to build all-new electric trucks and advanced batteries. The groundbreaking comes less than a year after the Dearborn, Mich.-based automaker and SK On, a Seoul-based battery technology company, announced the investment. A mega campus of […]
Existing home sales in the US continue to be impacted by escalating mortgage rates, according to the latest information from the National Association of Realtors. Falling for a seventh consecutive month, sales of existing homes in August declined 0.4% from the month prior and were down 19.9% from one year ago to a seasonally-adjusted annual […]
Housing starts saw a double-digit gain in August driven by a surge in multifamily production. Despite the overall gain, high mortgage rates and building production bottlenecks continue to act as a drag on the single-family housing market. Overall housing starts increased 12.2% to a seasonally adjusted annual rate of 1.58 million units in August from […]
General Motors is sprucing things up. The Detroit-based automaker announced on Sept. 15 that it will invest $491 million into its Marion, Ind., metal stamping facility to prepare for the production of various steel and aluminum parts to be used in electric vehicles (EVs). The expenditure will go towards two new press lines, complete press […]
The prices contractors pay for construction materials and services—chiefly for new nonresidential construction—declined 1.1% month-on-month (MoM) in August, as a steep drop in fuel prices masked increases in the cost of other construction inputs, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that limited price declines […]
Intel broke ground on its new chipmaking facility on Sept. 9. The Licking County, Ohio, site will be the company’s newest manufacturing site built in 40 years. In conjunction with the new facility, Intel is establishing the Ohio Semiconductor Education and Research Program as a means to develop skilled workers for the new plants. “Today […]
US heating and cooling equipment shipments fell 20% in July to 1.79 million units, an eight-month low according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). This is the largest month-over-month (MoM) percentage decline seen since November 2020, and the largest monthly decline in shipments since April 2020. Recall that June 2022 […]
The Dodge Momentum Index ticked down 1.2% in August, losing ground on the downwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 171.9 last month, down from 174.0 in July. The leading index for commercial real estate measures data about planned nonresidential building projects […]
Construction employment increased by 16,000 jobs in August, though the sector’s unemployment rate was up at 3.9%, the Associated General Contractors of America (AGC) reported. Contractors were eager to hire more employees last month though they were stymied by a dearth of qualified workers. More than 90% of contractors are having a hard time finding […]
ArcelorMittal is committed to EV. The Luxembourg-based steel company recently announced a collaboration to provide its steel knowledge to Atlis Motor Vehicles. ArcelorMittal will provide its S-in motion® solutions to hasten the design process. Currently, Atlis is developing a fully electric truck that will be designed for individuals working in the agriculture, service, utilities, and construction […]
New home sales fell to their lowest level since January 2016, further signaling a waning housing market, according to the latest data from the US Census Bureau and the Department of Housing and Urban Development. The tepid sales pace continued to match declining builder confidence, a trend that has been gaining momentum since the beginning […]
July proved to be another bleak month for existing-home sales in all four major US regions, according to the National Association of Realtors. Home sales were down 5.9% from June, declining 20.2% when compared to the same year-ago perido. Home sales have fallen for six consecutive months through July, while total inventory of unsold homes […]
BMW Group and Swedish steelmaking start-up H2 Green Steel (H2GS) have solidified their contract for CO2-reduced steel. Roughly 40% of pre-consumer steel scrap will be returned to H2GS’s electric arc furnaces (EAF) to be recycled, according to the deal. H2GS will provide green steel to the German auto manufacturer, and requires CO2 reductions and improved circularity […]
The National Association of Home Builders (NAHB) recently released the results of its Multifamily Market Survey (MMS) and there seem to be some mixed emotions. There are two separate indices the MMS utilizes to determine market conditions: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI). According to NAHB, the second quarter MPI, […]
The number of open construction jobs shrank to 334,000 in June, down from 405,000 in May and declining repeatedly from the record-high and top measure in the data series’ history of 449,000 unfilled positions in April, said the National Association of Home Builders (NAHB). According to the latest Job Openings and Labor Turnover Survey data […]
North American auto assemblies declined by 17.3% in July after expanding repeatedly in the prior two months. Though the market remains supply constrained due to ongoing parts and supply shortages, production in July was largely impacted by scheduled downtime for summer breaks and model-year changeovers. July’s results were ahead of the same year-ago period. Disruptions […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. US light vehicle (LV) sales were largely unchanged in July, coming in at 1.13 million units, unadjusted. But last month’s total was an 11.6% decline year-on-year (YoY), the US Bureau of Economic Analysis […]
Builder confidence hit a two-year low, tumbling for the eighth straight month in August and bringing the housing market to a crawl. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) said that elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges. August’s HMI reading—the […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – fell 1.3% month-on-month (MoM) in July, while contractors’ bid prices rose 5.4%, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC noted that despite the MoM decline, materials prices remain high and […]
US heating and cooling equipment shipments increased 7% from May to 2.24 million units in June, according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). June represents the fifth highest monthly shipment rate in our 14+ year history. (Note that June tends to be the month with the highest shipment levels, as […]
The Dodge Momentum Index moved 2.9% higher in July, gaining ground on the upwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 178.7 last month, up from 173.6 in June. The leading index for commercial real estate measures data about planned nonresidential building projects […]
US construction spending in June totaled $1.762 trillion at a seasonally adjusted annual rate, 1.1% below May’s upwardly revised estimate of $1.782 trillion. Though down for the second straight month, this is only the second drop since September 2021, according to data from the Commerce Department. The decline came as outlays on single-family homebuilding declined […]
American Honda Motor Co., Honda’s North American subsidiary, has paused some production at three assembly plants this week because of the ongoing parts and microchip shortages, a company spokesperson told Steel Market Update (SMU). Honda’s Greensburg, Ind., assembly plant, Marysville Auto Plant Line 1 in Ohio, and Honda Canada Manufacturing Plant Line 2 in Alliston, […]
Existing-home sales shrank in June, retreating for the fifth straight month, according to the National Association of Realtors. Three out of the four major US regions saw sales decline month-over-month (MoM) in June while sales in the Northeast stagnated. Sales were down across each region year-over-year (YoY). June sales fell 5.4% from May to a […]
Housing starts shrank in June and single-family starts hit a two-year low as the construction sector continues to face compounding headwinds. Rising interest rates, ongoing building material supply chain troubles, and ballooning construction costs put a damper on the single-family housing market. For the first time since June 2020, both single-family starts and permits fell […]
The ongoing chip shortage continues to impact Toyota Motor North America’s production rates, and now the company is facing additional issues from a potential energy crisis impacting the state of Texas. Extreme hot weather is driving record power demand, putting pressure on the state’s electric grid. Recall that in February 2021, snow, ice, and record-low […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – rose by 1.1% month-on-month (MoM) in June, outpacing the rise in contractors’ bid prices, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC warned that rising materials prices were adversely impacting a […]
US light vehicle (LV) sales rose to 1.13 million units in June, up 1.8% from 1.11 million units in May. But LV sales in the US fell by 12.6% year-on-year (YoY), the US Bureau of Economic Analysis (BEA) reported. The YoY decline would have been steeper if it weren’t for the fact that sales were […]
North American auto assemblies grew by 11.1% in June, expanding for the second straight month. Though ongoing supply constraints continue, North American production has steadily improved since bottoming out last December. June’s results are 7.7% ahead of the same year-ago period. Disruptions across the North American automotive market have been extensive over the past two […]