Latest news with #buildingmaterials
Globe and Mail
23-05-2025
- Automotive
- Globe and Mail
Canadian retail sales up 0.8% to $69.8-billion in March
Statistics Canada says retail sales rose 0.8 per cent to $69.8-billion in March, helped by an increase in new car sales. The agency says sales were up in six of nine subsectors it tracks as sales at motor vehicle and parts dealers gained 4.8 per cent, boosted by a 5.2 per cent increase in sales at new car dealers. Core retail sales – which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers – rose 0.2 per cent in March. Sales at building material and garden equipment and supplies dealers rose 2.6 per cent, while clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers also gained 2.6 per cent. In volume terms, overall retail sales increased 0.9 per cent for the month. Looking ahead, Statistics Canada says its early estimate for retail sales in April pointed to an increase of 0.5 per cent for that month, but it cautioned the figure would be revised.
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
LOS ANGELES (AP) — U.S. homeowners are spending more on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy. Sales at building materials and garden supply retailers rose 0.8% last month from March, the biggest gain since 2022, and were up 3.2% from April last year. At the same time, U.S. retail sales overall rose 0.1%, a sharp slowdown from March. The trend comes even as prices for home improvement products have been rising. The cost of home repairs and remodeling climbed by nearly 4% in the first quarter from a year earlier, according to Verisk's Remodel Index. The strategic data analytics firm tracks costs for more than 10,000 home repair items, from appliances to windows. Recent price increases appear to be driven primarily by labor costs and don't appear to reflect the ongoing trade war that the Trump administration is engaged in with major U.S. trading partners like Mexico, China and Canada. 'We haven't seen panic buying from contractors or investors concerned about the impact tariffs might have on future costs, or labor rates being driven up by stricter enforcement of immigration policies," Greg Pyne, vice president of pricing for Verisk Property Estimating Solutions, said in a report earlier this month. Home Depot said Tuesday that it doesn't expect to raise prices because of tariffs, saying it has spent years diversifying the sources for the goods on its shelves. However, executive Billy Bastek said some products now on Home Depot shelves may disappear. He also noted that the chain is seeing fewer customers taking on large home improvement jobs like kitchen and bath remodels, because high interest rates may be dissuading homeowners from borrowing money to finance such projects. Spending on home renovations has remained resilient as elevated mortgage rates and skyrocketing home prices have frozen out many would-be buyers. That's kept U.S. home sales in a slump, limiting the market for homeowners who want to sell. Many homeowners also bought or refinanced their mortgage when the average rate on a 30-year home loan was below 3% or 4% in the first couple of years of the pandemic. That's made them reluctant to sell now, when the average rate is hovering near 7%. In response, many homeowners have opted to to invest in sprucing up their home rather than sell and take on a mortgage with a sharply higher interest rate. A shortfall in new home construction more than a decade in the making has kept people living in older homes longer. Nearly half of the owner-occupied homes in the U.S. were built before 1980 and have a median age of 41 years, according to an analysis of Census data by the National Association of Home Builders. That aging stock of homes has helped fuel the need for repairs and improvements. Harvard University's Joint Center for Housing Studies' most recent quarterly outlook of home improvement projects that spending on home renovations will continue to increase this year, despite economic uncertainty. Spending by homeowners on maintenance and home improvement projects increased 0.5% in the first quarter from a year earlier to $513 billion, according to the JCHS' leading indicator of remodeling activity, or LIRA. It also forecasts annual increases from here that will drive spending to $526 billion by the first quarter of next year. That would represent a 2.5% increase from the first quarter of this year. Rising home prices and signs of a solid economy have supported the outlook for higher spending on home improvement, but that could change if the housing market and economic outlook worsen, said Carlos Martín, director of the JCHS' Remodeling Futures Program. 'Building materials retail sales are strong, but we are seeing a significant downturn in the sales of existing homes and their median sales price since the last projection — both are known contributors to home improvements,' Martin said. 'Broader economic turbulence like a recession, a worsening job market or higher inflation would almost certainly temper our expectations.'
Associated Press
23-05-2025
- Business
- Associated Press
Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
LOS ANGELES (AP) — U.S. homeowners are spending more on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy. Sales at building materials and garden supply retailers rose 0.8% last month from March, the biggest gain since 2022, and were up 3.2% from April last year. At the same time, U.S. retail sales overall rose 0.1%, a sharp slowdown from March. The trend comes even as prices for home improvement products have been rising. The cost of home repairs and remodeling climbed by nearly 4% in the first quarter from a year earlier, according to Verisk's Remodel Index. The strategic data analytics firm tracks costs for more than 10,000 home repair items, from appliances to windows. Recent price increases appear to be driven primarily by labor costs and don't appear to reflect the ongoing trade war that the Trump administration is engaged in with major U.S. trading partners like Mexico, China and Canada. 'We haven't seen panic buying from contractors or investors concerned about the impact tariffs might have on future costs, or labor rates being driven up by stricter enforcement of immigration policies,' Greg Pyne, vice president of pricing for Verisk Property Estimating Solutions, said in a report earlier this month. Home Depot said Tuesday that it doesn't expect to raise prices because of tariffs, saying it has spent years diversifying the sources for the goods on its shelves. However, executive Billy Bastek said some products now on Home Depot shelves may disappear. He also noted that the chain is seeing fewer customers taking on large home improvement jobs like kitchen and bath remodels, because high interest rates may be dissuading homeowners from borrowing money to finance such projects. Spending on home renovations has remained resilient as elevated mortgage rates and skyrocketing home prices have frozen out many would-be buyers. That's kept U.S. home sales in a slump, limiting the market for homeowners who want to sell. Many homeowners also bought or refinanced their mortgage when the average rate on a 30-year home loan was below 3% or 4% in the first couple of years of the pandemic. That's made them reluctant to sell now, when the average rate is hovering near 7%. In response, many homeowners have opted to to invest in sprucing up their home rather than sell and take on a mortgage with a sharply higher interest rate. A shortfall in new home construction more than a decade in the making has kept people living in older homes longer. Nearly half of the owner-occupied homes in the U.S. were built before 1980 and have a median age of 41 years, according to an analysis of Census data by the National Association of Home Builders. That aging stock of homes has helped fuel the need for repairs and improvements. Harvard University's Joint Center for Housing Studies' most recent quarterly outlook of home improvement projects that spending on home renovations will continue to increase this year, despite economic uncertainty. Spending by homeowners on maintenance and home improvement projects increased 0.5% in the first quarter from a year earlier to $513 billion, according to the JCHS' leading indicator of remodeling activity, or LIRA. It also forecasts annual increases from here that will drive spending to $526 billion by the first quarter of next year. That would represent a 2.5% increase from the first quarter of this year. Rising home prices and signs of a solid economy have supported the outlook for higher spending on home improvement, but that could change if the housing market and economic outlook worsen, said Carlos Martín, director of the JCHS' Remodeling Futures Program. 'Building materials retail sales are strong, but we are seeing a significant downturn in the sales of existing homes and their median sales price since the last projection — both are known contributors to home improvements,' Martin said. 'Broader economic turbulence like a recession, a worsening job market or higher inflation would almost certainly temper our expectations.'
The Independent
23-05-2025
- Business
- The Independent
Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
U.S. homeowners are spending more on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy. Sales at building materials and garden supply retailers rose 0.8% last month from March, the biggest gain since 2022, and were up 3.2% from April last year. At the same time, U.S. retail sales overall rose 0.1%, a sharp slowdown from March. The trend comes even as prices for home improvement products have been rising. The cost of home repairs and remodeling climbed by nearly 4% in the first quarter from a year earlier, according to Verisk's Remodel Index. The strategic data analytics firm tracks costs for more than 10,000 home repair items, from appliances to windows. Recent price increases appear to be driven primarily by labor costs and don't appear to reflect the ongoing trade war that the Trump administration is engaged in with major U.S. trading partners like Mexico, China and Canada. 'We haven't seen panic buying from contractors or investors concerned about the impact tariffs might have on future costs, or labor rates being driven up by stricter enforcement of immigration policies," Greg Pyne, vice president of pricing for Verisk Property Estimating Solutions, said in a report earlier this month. Home Depot said Tuesday that it doesn't expect to raise prices because of tariffs, saying it has spent years diversifying the sources for the goods on its shelves. However, executive Billy Bastek said some products now on Home Depot shelves may disappear. He also noted that the chain is seeing fewer customers taking on large home improvement jobs like kitchen and bath remodels, because high interest rates may be dissuading homeowners from borrowing money to finance such projects. Spending on home renovations has remained resilient as elevated mortgage rates and skyrocketing home prices have frozen out many would-be buyers. That's kept U.S. home sales in a slump, limiting the market for homeowners who want to sell. Many homeowners also bought or refinanced their mortgage when the average rate on a 30-year home loan was below 3% or 4% in the first couple of years of the pandemic. That's made them reluctant to sell now, when the average rate is hovering near 7%. In response, many homeowners have opted to to invest in sprucing up their home rather than sell and take on a mortgage with a sharply higher interest rate. A shortfall in new home construction more than a decade in the making has kept people living in older homes longer. Nearly half of the owner-occupied homes in the U.S. were built before 1980 and have a median age of 41 years, according to an analysis of Census data by the National Association of Home Builders. That aging stock of homes has helped fuel the need for repairs and improvements. Harvard University's Joint Center for Housing Studies' most recent quarterly outlook of home improvement projects that spending on home renovations will continue to increase this year, despite economic uncertainty. Spending by homeowners on maintenance and home improvement projects increased 0.5% in the first quarter from a year earlier to $513 billion, according to the JCHS' leading indicator of remodeling activity, or LIRA. It also forecasts annual increases from here that will drive spending to $526 billion by the first quarter of next year. That would represent a 2.5% increase from the first quarter of this year. Rising home prices and signs of a solid economy have supported the outlook for higher spending on home improvement, but that could change if the housing market and economic outlook worsen, said Carlos Martín, director of the JCHS' Remodeling Futures Program. 'Building materials retail sales are strong, but we are seeing a significant downturn in the sales of existing homes and their median sales price since the last projection — both are known contributors to home improvements,' Martin said. 'Broader economic turbulence like a recession, a worsening job market or higher inflation would almost certainly temper our expectations.'
Globe and Mail
15-05-2025
- Business
- Globe and Mail
Martin Marietta Declares Quarterly Cash Dividend
RALEIGH, N.C., May 15, 2025 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) ('Martin Marietta' or the 'Company') today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.79 per share on the Company's outstanding common stock. This dividend will be payable on June 30, 2025, to shareholders of record at the close of business on June 2, 2025. Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta's Magnesia Specialties business produces high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications. For more information, visit or MLM-D
