Latest news with #Builders
Axios
2 days ago
- Business
- Axios
The housing market slump is getting worse
A longtime slump in the new housing sector is getting worse, according to new indicators. Why it matters: The broader economy held up during a "rolling recession" that hit the housing industry in recent years. That might not be the case this time if other sectors slow concurrently. Catch up quick: Builders broke ground on home construction in May at the slowest pace in five years. The issuance of building permits, an indicator of the appetite to build homes, also hit a five-year low. Sentiment among homebuilders dropped to the lowest level since 2022 in June. Lennar, one of the nation's biggest homebuilders, reported weaker-than-expected quarterly earnings, citing a soft housing market. State of play: Now the sector faces new Trump-era factors, including tariffs and deportations, that are holding back construction and limiting supply. Plus, in certain parts of the country, there is too much inventory compared to demand. Driving the news: Housing starts fell almost 10% last month to an annualized pace of 1.3 million, well below the rate that economists expected, the Commerce Department said Wednesday morning. Building permits also came in worse than expected, particularly for single-family homes. They dropped to an annualized rate of 898,000, nearly 3% below April. What they're saying: The National Association of Home Builders said sentiment among builders has only been lower than its June level twice since 2012. "Buyers are increasingly moving to the sidelines due to elevated mortgage rates and tariff and economic uncertainty," said Buddy Hughes, a North Carolina-based developer who chairs the NAHB, said in a statement Tuesday. The big picture: Softer demand is being met by higher building costs, including for labor and materials. The industry is heavily reliant on immigrant workers, who are being targeted for deportations by the Trump administration. Meanwhile, tariffs on steel and aluminum have doubled to 50%, except for U.K. imports of the materials. The Trump administration is considering higher tariffs on wood materials, including lumber. "New construction has slowed as builders have pulled back on production," Lennar co-CEO Stuart Miller said on an earnings call Tuesday.
Time of India
02-05-2025
- Business
- Time of India
Builders FirstSource cuts annual revenue forecast for 2025
Builders FirstSource on Thursday trimmed its annual revenue forecast, after reporting a decline in first-quarter profit and sales due to persistently weak housing construction as well as affordability issues. Elevated mortgage rates and tariff-driven macroeconomic uncertainty have prompted potential customers to reconsider buying homes, leading to suppressed demand for new houses. Shares of the Irving, Texas-based company, which supplies building materials and products for home construction, were down 2.4% in morning trading following the results. It forecast 2025 net sales between $16.05 billion and $17.05 billion, compared with a prior view of $16.5 billion to $17.5 billion. Builders FirstSource expects its full-year single-family starts to be down mid-single digits and multi-family starts down mid-teens. The company's adjusted profit came in $1.51 per share in the three months ended March 31, below $2.65 per share a year ago. However, the quarterly profit surpassed analysts' average estimate of $1.37 per share, according to data compiled by LSEG. The building solutions provider's first-quarter net sales fell 6% to $3.66 billion from a year ago, hurt by one fewer selling day and commodity deflation.
Otago Daily Times
23-04-2025
- General
- Otago Daily Times
Central Otago & Waitaki Services
CENTRAL OTAGO SERVICES ROXBURGH MILLERS FLAT RSA : Service Roxburgh 7am Service Millers Flat 9am MANIOTOTO : Dawn Service/Parade, Ranfurly Cenotaph 6.30am Wreath Laying/Family Service, Gimmerburn Cemetery 10am PATEAROA : Wreath Laying, Patearoa Cenotaph 10am Family Service Patearoa Hall (directly after wreath laying service) MIDDLEMARCH : Service Cenotaph 11am LOWBURN : Service Lowburn Hall, Lowburn Valley Rd 9am HAWEA : Dawn Service Lake Hawea by the dam on the peninsula 7am WANAKA : Dawn Service on the Wanaka foreshore 7am ANZAC Service, Lake Wanaka Centre, Wanaka 9.30am QUEENSTOWN : Dawn Service Memorial Gates, Marine Parade 6.30am The Dawn Service will be followed by a march to the Memorial Hall where wreaths will be laid TARRAS : Service Tarras Memorial Hall 10am ARROWTOWN : Parade & Service. The Cenotaph, Durham Street, Arrowtown Those wishing to join the Parade please assemble at 10am at the Atheneum Hall, Buckingham Street to march to the Cenotaph for the service at 10.30am . If weather in inclement the service will be held in the Atheneum Hall. BANNOCKBURN : Service Bannockburn War Memorial, Hall Road 9am CROMWELL : Poppy Laying, Cromwell Cemetery, Cemetery Road, 8am Service, Cromwell Cemetery 10am CLYDE : Dawn Service at Clyde Dam lookout, 6.45am Wreath laying, Clyde Cenotaph, 7.50am . Bus departs Alexandra District Club 6.16am ALEXANDRA : Wreath Laying Service, Alexandra Warm Memorial 10.30am Those Marching assemble 10.15am at Limerick Street. Community assemble 10.15am at War Memorial. CHATTO CREEK : Wreath Laying Service, Chatto Creek Hotel, 1.00pm . Bus departs Alexandra District Club 12.30pm WAITAKI SERVICES Oamaru : Dawn Service, Great War Memorial 6.30am , Parade & Main Service 10.30am Oamaru Cemetery Service 9.00am Lookout Point Service 9.15am Alma War Memorial 7.30am Enfield Presbyterian Church 9.00am Georgetown War Memorial 10.00am Hampden Hall 10.30am Livingstone Memorial 10.30am Maheno School 9.00am Pukeuri War Memorial 8.30am Papakaio War Memorial 9.00am Palmerston Memorial Gates 8.45am , 9.00am - Service Dunback Memorial 11.00am Hakataramea Main Street 6.20am Kurow Cemetery 8.15am Otekaieke Memorial Gates 8.45am Duntroon War Memorial 9.15am Omarama Memorial 10.00am - Parade forms up , 11.00am - Service Thank you to all our sponsors for ANZAC Day 2025: Adams group Adhesion Sealing Advantage Tyres Age Concern Otago Aitken Manufacturing Otago Alex Campbell Anvil Engineers Aotea Electric Aotea Electric Southern Limited Apex Engineering Ayres Shoe Repairs Ballantynes Showcase Jewellers Banks Auto Electrical Bayfield High School Berry and Co Birchleigh Blachawk Industries Bowker Menswear Brackens Office Products Depot Brent Lucas Builders Brian Scott Motors C&M Garden Products Challange Marketing Chatsford Cobb and Co Colin Clyne Motorcycles Colliers International Coombs Contracting Copeland Ashcroft Craigs Investment Partners Custom Signs Doma Electrial Drivetech Otago Dunedin City Motors Dunedin Goldsmiths Dunedin ITM Dunedin Morelite Dunedin Solar E13 Performance Windows Entire It Ewan McDougall Excel Scaffolding Firman Joinery Forsyth Barr Ltd Gallaway Cook Allan Gallery De Novo Gillions Godfrey Hirst Graymont Finace Green Island Fresh Choice Harcourts (highland R/E) Harrow Motor Body Works Limited Hiflo Group Hope and Sons House of Travel Jeffery Dennison John Grave Tiling Kings High School Kurow Autos Kurow Holiday Park Kurow Hotel Laser Plumbing Oamaru Leith Liquorland Let the Good Times Roll LJ Hooker Mains Plumbers Markhams McFarlanes Tyre Services Miles Anderson Minto Trading Montecillo Mortgage Me Dunedin Neat Feet Nind Electrical Services North End Health Centre North Otago Pastoral Northanjer Rest Home Oamaru Club Oamaru Engineering Oamaru Glass Oamaru Scaffolding Ltd Olveston House One Agency One Agency Otago Art Society Otago Packaging Supplies Ltd Otago Rugby Football Union Palmers Mechanical Paper Plus Oamaru Parkside Lime Parkside Lime (Oamaru Stone) Peter Keown Automotive PGG Wrightson Piano Specialists Placemakers Dunedin Polson Higgs Precast Concrete Preens Professionals North Otago Property Brokers Otago Southland Ltd PW Engineering Quality Joinery R & B Cleaning Razors Egde Regent Theatre Trust of Otago Reidd Cooper Gray Reillys Towage & Salvage Limited Riteway Panel & Paint Roses General Store Rothbury Insurance Rylock Otago Sheetmetal Specialists Site Weld Solomons Sonthanjew Rest Home Southern Insulation Speedprint Speedy Signs St kevins College Stanley Cardoza Stihl Shop Dunedin Stitch Craft Corner STMZnz Limited Suits on Wall St Superior Minerals Tansley Electrical TFR Electrical United Scaffolding Veterinary centre Ltd Waitaki District Council Waterforce Webbers Gourment Chicken Weston Automotive Wests Whistle & Pop Whitestone Cheese Whitestone Funeral Whitestone Panel, Paint & Coach Young Motors
Yahoo
07-04-2025
- Business
- Yahoo
US plans to hike existing duties on Canadian lumber — even before planned tariffs hit
The decades-long softwood lumber dispute between the US and Canada is escalating even before planned tariffs take effect: The US plans to more than double existing anti-dumping and countervailing duties on the critical building material. The US Department of Commerce, as part of an annual review process, plans to hike the duties from 14.4% to 34.45%, according to published and unpublished filings in the Federal Register. The duties, which are separate from tariffs that have been proposed on softwood lumber, stem from a decades-long strife between the North American neighbors. Put simply, the US claims that the Canadian lumber industry is government-subsidized. British Columbia Premier David Eby said the duties are 'unjustified' in a statement released Saturday, adding that the duties will end up 'driving up housing costs for Americans who voted for a president who promised to lower costs.' American homebuilders have been sounding a similar alarm as President Donald Trump has floated tariffs on Canadian imports as well as sector-specific tariffs on lumber. About 30% of the softwood lumber consumed in the US is imported, with Canada accounting for north of 80% of those imports. Builders estimate that tariffs on lumber and other critical homebuilding materials could raise the average cost of a home by $9,200, according to the March National Association of Home Builders/Wells Fargo Housing Market Index. However, members of the US lumber industry say higher duties as well as new tariffs would help level the playing the field. They also say the existing US industry has a significant amount of existing capacity that's not currently being utilized. 'These unfair trade practices are designed by Canada to maintain an artificially inflated US market share for Canadian products and force US companies to curtail production, thereby killing US jobs,' Andrew Miller, chairman of the US Lumber Coalition, said in a statement. Jason Brochu, co-president of Pleasant River Lumber in Maine, told CNN earlier this month that his two mills in the Pine Tree State are running at 60% capacity. But if the demand is there, he could increase its workforce and production in a matter of months. 'We could ramp up fairly quickly,' Brochu said in an interview with CNN. 'The saw mill industry has modernized a lot, and speaking for our location and our region, bringing in the employment isn't a major impediment.' 'It can happen fairly quickly,' he added.
CNN
07-04-2025
- Business
- CNN
US plans to hike existing duties on Canadian lumber to by more than double – even before planned tariffs hit
The decades-long softwood lumber dispute between the US and Canada is escalating even before planned tariffs take effect: The US plans to more than double existing anti-dumping and countervailing duties on the critical building material. The US Department of Commerce, as part of an annual review process, plans to hike the duties from 14.4% to 34.45%, according to published and unpublished filings in the Federal Register. The duties, which are separate from tariffs that have been proposed on softwood lumber, stem from a decades-long strife between the North American neighbors. Put simply, the US claims that the Canadian lumber industry is government-subsidized. British Columbia Premier David Eby said the duties are 'unjustified' in a statement released Saturday, adding that the duties will end up 'driving up housing costs for Americans who voted for a president who promised to lower costs.' American homebuilders have been sounding a similar alarm as President Donald Trump has floated tariffs on Canadian imports as well as sector-specific tariffs on lumber. About 30% of the softwood lumber consumed in the US is imported, with Canada accounting for north of 80% of those imports. Builders estimate that tariffs on lumber and other critical homebuilding materials could raise the average cost of a home by $9,200, according to the March National Association of Home Builders/Wells Fargo Housing Market Index. However, members of the US lumber industry say higher duties as well as new tariffs would help level the playing the field. They also say the existing US industry has a significant amount of existing capacity that's not currently being utilized. 'These unfair trade practices are designed by Canada to maintain an artificially inflated US market share for Canadian products and force US companies to curtail production, thereby killing US jobs,' Andrew Miller, chairman of the US Lumber Coalition, said in a statement. Jason Brochu, co-president of Pleasant River Lumber in Maine, told CNN earlier this month that his two mills in the Pine Tree State are running at 60% capacity. But if the demand is there, he could increase its workforce and production in a matter of months. 'We could ramp up fairly quickly,' Brochu said in an interview with CNN. 'The saw mill industry has modernized a lot, and speaking for our location and our region, bringing in the employment isn't a major impediment.' 'It can happen fairly quickly,' he added.
