News
U.S. Construction Spending Increases
U.S. construction spending in November 2022 was estimated at a seasonally adjusted annual rate of $1.81 trillion, up 0.2% from October and 8.5% over 2021. Year-to-date spending was 10.5% higher than in 2021 at $1.66 trillion. Private construction spending was $1.43 trillion, 0.3% above October. Residential totals for November were $868 billion, 0.5% lower than
November U.S. Home Sales Improve
U.S. sales of new single-family homes in November 2022 were at a seasonally adjusted annual rate of 640,000, growing 5.8% from October but 15.3% lower than the comparable month in 2021. The seasonally adjusted estimate of new homes for sale at the end of November was 461,000, representing an 8.6-month supply at the current sales
Manufacturing Index Lower in December
The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in December 2022 was 46.2, dropping 1.5 points from November. Manufacturers reported a decrease in demand due to inflation and economic insecurity. The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A
November Kitchen and Bath Cabinet Sales Strengthen YoY
U.S. kitchen and bath cabinet sales in November 2022 were 14.7% higher than the comparable month in 2021 but dropped 3.5% from October, according to the Kitchen Cabinet Manufacturers Association’s (KCMA) monthly “Trend of Business” member survey. Year-to-date sales grew 17.1% over 2021. Semi-custom sales increased 22.1% from November 2021 but decreased 6.5% from October.
U.S. RV Shipments Down in November
The RV Industry Association’s monthly survey of U.S. manufacturers reported November 2022 shipments reached 24,445 units, dropping 50.4% from the record-breaking November 2021. Compared to 2021, year-to-date shipments fell 15.6% to 472,691. See RV Industry Association
October U.S. Furniture Orders Decline
U.S. residential furniture factory orders in October 2022 decreased 29.6% from the comparable month in 2021. Year-to-date orders fell 29.5% over the same period in 2021. Furniture shipments increased 2% from October 2021 and were up 6.5% year-to-date. With shipments continuing to outpace new orders, October backlogs declined 47% from 2021. See Smith Leonard
November Industry Snapshot Report Available Now
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November TFL Shipments Report Available
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December Consumer Confidence Rises
U.S. consumer confidence in December 2022 registered at 108.3, growing 6.9 points from November, according to The Conference Board Consumer Confidence Index. The index, measuring current business and labor market conditions, rose 8.9 points to 147.2 in December. The short-term outlook index for income, business and the labor markets, increased 5.7 points from November to 82.4. See
U.S. Builder Confidence Continues to Fall in December
U.S. builder confidence for new single-family homes in December 2022 dropped for the 12th consecutive month, decreasing two points from November to 31, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions shrunk three points to 36, while the measurement of sales expectations in
November U.S. Housing Starts Decrease
U.S. housing starts in November 2022 were at a seasonally adjusted annual rate of 1.427 million, dropping 0.5% from October and 16.4% lower than the comparable month in 2021. Single-family starts declined 4.1% from October to 828,000. U.S. building permits in November were at a seasonally adjusted annual rate of 1.342 million, shrinking 11.2% from
U.S. Construction Spending Increases
U.S. construction spending in November 2022 was estimated at a seasonally adjusted annual rate of $1.81 trillion, up 0.2% from October and 8.5% over 2021. Year-to-date spending was 10.5% higher than in 2021 at $1.66 trillion. Private construction spending was $1.43 trillion, 0.3% above October. Residential totals for November were $868 billion, 0.5% lower than