This development, together with the recent acquisition of IB Roofing in the US and its existing business, takes the Group’s annualised consolidated Roofing & Waterproofing revenues to approximately Euro 1 billion.
Homebuilding
The rise in sales came as mortgage rates dropped to their lowest in two years.
Higher mortgage rates in October are expected to slow single-family construction in the near term.
For the three months ended August 31, 2024, Goodfellow reported net earnings of $5.8 million or $0.68 per share compared to net earnings of $6.2 million or $0.72 per share a year ago.
Freddie Mac reports third consecutive week of rate increases.
With this acquisition, Ingka Group becomes the sole owner of Ikano Bank
The survey also found that over half of homeowners feel financially better off compared to four years ago, a result of rising home equity, while less than half of renters share that optimism.
The national average home price is projected to rise 4.4% next year.
The 30-year fixed-rate mortgage saw its largest one-week increase since April.
Affordability has worsened, as a skilled service-sector employee can now afford 40% less living space than in 2021.
The funds from this financing round will be used for the expansion of its fully digitally operated and flexible robotic smart factory in Richen (Baden-Württemberg), further development of technologies, and realizing the company’s pipeline of construction projects.
The rise in mortgage rates follows escalating global tensions and a rebound in short-term rates, which dampened market hopes for rate cuts.
Wooden housing starts also fell by 3.5%, comprising about 59.4% of total housing starts.
Current co-owners and co-founders, Corinne Watson and Tom Small, will plan to continue with Team Hancock and manage the Dyer Brook, Maine based manufacturing facility, daily operations, and team.
U.S. construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1% below the revised July estimate of $2,133.9 billion.
Ken Wingert will lead the association’s advocacy efforts, which include its Federal Government Affairs; BUILD-PAC, NAHB’s political action committee; State and Local Government Affairs; Housing Finance; Legal Advocacy; and Regulatory Affairs departments.
US LBM expands component manufacturing capabilities in the Southeast.
The market slowdown is largely driven by elevated mortgage rates, high home prices, and ongoing economic uncertainty.
The potential homebuyers are waiting to see if rates will fall further, with more economic data expected in the coming weeks.
This decline followed a 7.5% drop in the first quarter of 2024.