Adds details on markets, 2021 forecast
Oct 14 (Reuters) – Australian building materials supplier James Hardie Industries JHX.AX on Wednesday raised its full-year profit forecast and said it expected to post record second-quarter results, boosted by solid demand for its services across markets.
Since the COVID-19 pandemic related shutdowns hammered sales earlier in the year, there has been a recovery in Asia Pacific and European markets.
James Hardie, the world’s biggest fibre cement maker, said the all-time high quarterly sales were “made possible by having all three operating regions deliver growth above market.”
In August, it said sales in North America, one of its biggest markets, were buyoed by homeowners turning to renovation amid the pandemic.
The company increased its fiscal 2021 forecast for underlying net operating profit after tax (NOPAT) to between $380 million and $420 million, from an earlier projection of $330 million and $390 million.
North Texas builders scrambling to meet a flood of buyers have boosted home starts to the highest level in more than a decade.
Dallas-Fort Worth single-family home starts soared by more than 34% in the third quarter from a year earlier, rising in the face of the pandemic and recession. Builders started almost 13,000 local houses during the just-completed quarter, according to just-released data from Residential Strategies Inc.
“Back when the pandemic hit, we were bracing for a pretty tough summer with all the job loss,” said Ted Wilson, principal for the Dallas-based housing consultant. “But everything opened up in May with strong sales and it has continued onward.
“It’s pretty amazing considering the backdrop of COVID.”
Wilson said the third-quarter D-FW home starts were the strongest since
Home sales are booming in popular vacation spots, as the pandemic leads more Americans to seek places to work or relax within driving distance of home.
In traditional vacation destinations such as Key West, Fla., Ocean City, N.J., and Traverse City, Mich., online house shopping and pending sales are up relative to the country overall, according to a new analysis by
Zillow Group Inc.
Similar to the recent rise in interest for suburban and rural homes that are a car ride from major cities, the growth in demand for homes in vacation towns shows how Covid-19 is reshaping home shoppers’ priorities, said Jeff Tucker, senior economist at Zillow.
“Home shoppers are particularly motivated to shop for a home in these markets because right now they have the freedom to probably work from home in many cases and even have their kids go to school from home,” he said. “They would
As the economy somewhat stabilises after a 23.9 per cent plunge in the GDP in the April-June quarter marred by the nationwide lockdown, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday (9 October) said that the deep contractions of Q1 are behind us and the real GDP may decline by 9.5 per cent in the financial year 2020-21.
Addressing the media after the Monetary Policy Committee’s meeting, the RBI Governor has said that the modest recovery in various high-frequency indicators in September 2020 could strengthen further in the second half of 2020-21 with progressive unlocking of economic activity.
“Agriculture and allied activities could well lead the revival by boosting rural demand, ” he added.
Das said that relative to pre-Covid levels, several high frequency indicators are pointing to the easing of contractions in various sectors of the economy and the emergence of impulses of growth.
“By all indications,
The COVID-19 outbreak has brought about a major shift in consumers’ buying behavior and spending pattern. With the pandemic taking a toll on employment and household income, consumers are left with no option but to curtail spending. Definitely, measures undertaken to support households and the resumption of economic activities provided some relief but consumers’ hunt for better bargains continue.
Under the current circumstances, people have been showing a preference for discount stores for essentials and other household needs. A differentiated product range resonates well with customers’ spending habits. No wonder, the strategy to sell products at discounted prices has helped industry players expand customer base amid the pandemic.
That said, industry participants have been focusing on deepening engagements with consumers, expanding merchandise assortments, and enhancing digital and data analytics capabilities. They have been making strategic investments to provide consumers fast, convenient and safe shopping experience, be it offline or online.
Discharge of sewage and lack of desiltation prove bane for waterbody
More than 50 residents of Jharia on Friday walked in a protest march and shouted slogans demanding the renovation of the historic Raja Talab which has fallen into disrepair.
The protesters, led by former councillor Anup Sao and NGO Institution for National Amity founder Pinaki Roy, raised slogans against the Dhanbad Municipal Corporation and district administration and demanded a probe into the allegations of corruption in the renovation of the pond.
Established by a former ruler, Durga Prasad Singh, on 8.26 acres, the pond was once the centre of all religious activity in Jharia, including the celebration of Chhath Puja and Durga Puja and the performance of last rites. The pond, however, has become polluted due to a host of reasons, including the discharge of sewage and washing of clothes, dishes and domestic animals by residents of nearby areas.
Home improvement stores are on track to permanently land in the essential services or daily needs category, which retail investors have focused on for years. This year, home improvement activity has increased dramatically, and 40% of consumers have indicated that they plan to continue home improvement projects beyond the recession, according to research from the NPD Group. The activity has driven home improvement store sales up 11% this year.
During the pandemic, home improvement stores have become the second fastest growing retail segment in both brick-and-mortar and online sales. In lawn and garden, tools, paint, kitchen and bath and hardware segments, each saw a double-digit increase in both online and in-store purchases. The average shopping trip also increased 10% compared to the average trip in 2019.
Home Depot Versus Lowe’s
Placer.ai, which also looked closely at shopping trends in the major home improvement brands, found that Lowe’s saw an early
The 15-year fixed-rate average reached 2.36 percent, down from 2.40 percent, with an average 0.7 point. The five-year adjustable-rate average at 2.90 percent, with an average 0.2 point, was unchanged from the previous week. The 15-year rate was 3.14 percent and the five-year was 3.38 percent a year ago.
“Mortgage rates are in a holding pattern because we have lots of big things looming and investors are waiting to see what happens,” said Danielle Hale, chief economist with Realtor.com. “Obviously, they’re waiting on the election results, but also on the next stimulus plan, which seems to start and stall. I expect mortgage rates to stay stable and not go up or down much until we get some of this big news.”
Freddie Mac’s Primary Mortgage Market Survey, from which the averages are derived, is confined to rates on conventional home loans for borrowers who make a 20 percent down payment
Favorable housing market trends have brightened up matters for the Zacks Building Products – Retail industry. The space, which mainly caters to home renovation and construction needs, is also gaining from accelerated DIY projects undertaken amid the ongoing coronavirus pandemic. These apart, players are gaining from elevated trends in the digital arena, and are investing in enhancing omni-channel offerings.
Continuation of such upsides are likely to benefit industry participants like The Home Depot, Inc. (HD), Lowe’s Companies Inc. (LOW), Fastenal Company (FAST), Builders FirstSource, Inc. (BLDR) and Lumber Liquidators Holdings, Inc. (LL).
About the Industry
The Zacks Building Products – Retail industry comprises U.S. home improvement retailers, manufactures of industrial and construction materials and distributors of wallboard and ceilings systems. Some of the industry participants also offer products and services for home decoration, repair and remodeling, and in-home delivery and installation services.
The industry players provide a wide array of
US Home Improvement Statistics 2020 | Market Size, Future Demand, Technology, Top Leading Player, Emerging Trends and Regional Forecast to 2025
The MarketWatch News Department was not involved in the creation of this content.
Sep 23, 2020 (Heraldkeepers) —
Global Home Improvement Market is valued at USD 849.31 Billion in 2019 and expected to reach USD 1155.79 Billion by 2026 with the CAGR of 4.5% over the forecast period.
Brandessece Market Research recently added the Home Improvement Market research report which offers a thorough study of the market scenario regarding the market size, share, demand, growth, trends, and forecast from 2020-2026. The report deals with the impact analysis of the COVID-19 pandemic. The COVID-19 pandemic has impacted exports, imports, demand and trends in the industry and is expected to have some economic impact on the market. The report offers a comprehensive analysis of the impact of the pandemic across the industry and provides insights into a post-COVID-19 market scenario.
Get Sample of This [email protected] https://brandessenceresearch.com/requestSample/PostId/1328
Scope of US Home Improvement Market