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Metals, Lumber and Gypsum Lead July Construction Materials Price Decline
8/25/2010
August 19, 2010 - Jim Haughey
The decline in the construction materials price index continued with a 1.1% fall in July. The most significant declines were for steel, copper, lumber and gypsum products. Prices declined for most construction items. However weaker pricing did not reach some lumber, energy and metal products by the survey week (2nd week in July). The only significant price increase from June was a 1.2% rise in construction equipment rental rates. This is more likely random than a new trend and may be due to the impact of the Gulf oil cleanup since oilfield equipment is included in the index.
Underlying economic trends still suggest that construction materials prices will rise much faster than overall inflation through 2011 but the June-July price declines were expected after the end of the tax credit boost to the housing market. Pricing will be weak for several more months with further small declines likely. However, the summer price reprieve for construction materials will be brief. The rapidly expanding world economy is raising all commodity prices and the depreciating $US dollar is further adding to US commodity prices. The price index for construction materials will rise as much as 6% this year while overall inflation remains near 1%.
The most ominous item in the July price report was the 7.5% rise in iron ore prices after a year of stable prices. Ore prices have doubled outside the US in recent months as suppliers moved from annual price negotiations to pricing based on current market conditions. The isolated US market has felt little impact so far from this pricing change but the impact will be felt quickly when a stronger US economy needs much more imported steel.
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Thoughts for Today
6/1/2010
Trust in the Lord with all your heart; do not depend on your own understanding.
Seek his will in all you do, and he will show you which path to take. Proverbs 3:5,6 (NLT)
The desire to succeed means nothing without the will to
prepare.
Commit to the Lord, whatever you do, and your plans will SUCCEED!
Prov. 16:3 (NIV)
There is a lot of talk today about "Real Americans". However, we all have to respect the Native American Indians.
Like the two braves who were visiting New York City for the first time and a little old lady went up to one of them
and asked, "Are you a real Indian?"
"Yes, ma'am," answered the Indian.
"How do you like our city?" asked the lady.
"Fine", the Indian said. "How do you like our country?"
The fire fighters at the local firehouse got a call one night just after they had settled down for some sleep.
"Its an awful fire," cried the caller. "MY HOUSE IS BURNING DOWN!" "Did you throw water on it?" asked the chief.
"Yes!" yelled the caller. "But it didn't help!" "Well," said the chief, "there's no use in our coming over then. That's all we
were going to do." "Goodnight."
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| Laurel County Central Office |
| Civic |
Location: London, KY
Architect: Sherman, Carter, &Barnhart
General Contractor: Hacker Brothers
Date of Project: May 2007
Project Value: $4,450,000
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| Georgetown Fire Station |
| Civic |
Location: Georgetown, Kentucky
Architect: Architecture Plus
General Contractor: David Engineering
Date of Project: Spring 2004
Project Value: $1,200,000
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| Girl Scout's Regional Headquarters |
| Civic |
Location: Louisville, Kentucky
Architect: Luckett & Farley
General Contractor: Whittenburg Construction
Date of Project: Summer 2004
Project Value: $5,800,000
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