News
September U.S. Construction Spending Increased
U.S. construction spending in September was estimated at a seasonally adjusted annual rate of $1.811 trillion, up 0.2% from August and growing 10.9% over the year prior. Year-to-date spending was 11.4% higher than 2021 at $1.354 billion. Private construction spending was $1.450 trillion, 0.4% above August’s seasonally adjusted annual rate. Residential totals for September remained
U.S. Manufacturing Index Lower in October
The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in October was 50.4, dropping 1.6 points from September. Manufacturers reported a reduction in client demand due to lower market confidence. The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading
September U.S. Manufacturing Shipments Climb
Seasonally adjusted shipments for all U.S. manufacturing industries in September rose 0.2% from August to $550 billion. Wood product shipments were up 0.3% in September to $12.8 billion compared to the prior month. Shipments of furniture and related products fell 0.1% from August to $6.2 billion. September new orders for all U.S. manufacturing increased 0.3%
U.S. Kitchen and Bath Cabinet Sales Up Year over Year
U.S. kitchen and bath cabinet sales in September were 23.8% higher than the comparable month in 2021 but dropped 4.8% from August, according to the Kitchen Cabinet Manufacturers Association’s (KCMA) monthly “Trend of Business” member survey. Year-to-date sales grew 17.6% over 2021. Semi-custom sales increased 32.5% from September 2021 but decreased 5.6% from August. Custom
August Furniture Orders Drop
U.S. residential furniture factory orders in August decreased 34% from the comparable month in 2021. Year-to-date orders fell 29% over the same period in 2021. Furniture shipments increased 9% from August 2021 and were up 6% year-to-date. With shipments outpacing new orders, July backlogs declined 35% from 2021. See Smith Leonard
Home Affordability Grows in Q3
The recently released NAHB Housing Trend Report noted that home affordability in the third quarter was higher as prospective home buyers had greater incomes and education compared to earlier in the year. The percentage of buyers able to afford at least half of homes available in the U.S. market increased to 31% from 19% in
Save the Dates: CPA’s 2023 Meetings
CPA’s Spring Meeting will be held from April 16 through April 19 at the Westin La Paloma Resort & Spa, a AAA Four-Diamond hotel in the middle of the Sonoran Desert in Tucson, Arizona. Registration is anticipated to open in January. The Fall Meeting will be at the Lansdowne Resort in Leesburg, Virginia, from October
Apartment Conversions on the Rise
Adaptive reuse apartments increased 25% in the US, representing 28,000 new rentals in 2020-2021, up from the 22,300 available in 2018-2019. In contrast, new apartment construction grew by 10% over the same period. Office building to apartment conversions remained the primary source, resulting in 11,000 apartments becoming available over the last two years, 40% of
RV Industry Stabilizing
With higher interest rates and a softening economic outlook, year-to-date RV shipments are down 8.2% compared to last year’s record-breaking total. The RV Industry Association predicts almost 500,000 units will be shipped by year-end and 419,000 units in 2023, a 16% drop from the forecasted 2022 shipments. See RV Industry Association
Q3 Canadian Hotel Construction Projects Grow
Canadian hotel construction projects in Q3 reached 263, representing 34,825 rooms. The total number of projects and rooms in the pipeline increased by 2% compared to the same period last year. Projects planned for the next 12 months rose 24% over Q3 2021, with 105 projects and 14,270 rooms anticipated. See Canadian Lodging Econometrics
September U.S. Construction Spending Increased
U.S. construction spending in September was estimated at a seasonally adjusted annual rate of $1.811 trillion, up 0.2% from August and growing 10.9% over the year prior. Year-to-date spending was 11.4% higher than 2021 at $1.354 billion. Private construction spending was $1.450 trillion, 0.4% above August’s seasonally adjusted annual rate. Residential totals for September remained
U.S. Manufacturing Index Lower in October
The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in October was 50.4, dropping 1.6 points from September. Manufacturers reported a reduction in client demand due to lower market confidence. The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading
