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Business: Page 166
Business
Caterpillar first-quarter profits fall 45% due to inventory cuts, low mining demand
A steep decline in demand for mining equipment coupled with reductions in inventory are to blame for Caterpillar’s slumping first-quarter financial results, the company reports. The company reported a profit of $880 million in the first quarter of 2013, a 45-percent tumble from the $1.586 billion the company pulled in the first quarter of 2012. Sales […]
April 23, 2013
Business
New home sales up 1.5% in March
After a dip in February followed a strong surge in January, new home sales edged slightly upward in March. According to data from the U.S. Census Bureau, sales of new single-family homes rose 1.5 percent in March to a seasonally adjusted annual rate of 417,000. At the end of March, 153,000 homes were listed for […]
April 23, 2013
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Business
Bauma 2013 equipment show sees record attendance of 530,000
This year’s Bauma construction equipment trade show was the most successful one ever with attendance, exhibitor numbers and exhibition space all breaking previous show records. In total, 530,000 people attended the world’s largest construction equipment trade show in 2013. Another impressive stat was the show’s foreign audience. Hosted in Munich, the show was visited by 200,000 […]
April 22, 2013
Business
Better Roads: 38% of highway construction sites saw car crashes in past year
John Latta, editor of our sister publication Better Roads, has written an impassioned blog post with a very important topic: road construction work zone safety. According to John’s post, 38 percent of highway contractors who responded to a survey by the Associated General Contractors of America saw motor vehicles crash into their construction work zones in […]
April 19, 2013
Business
Kobelco CEO: company “creating from scratch” as it reintroduces itself to North American market
Kobelco Construction Machinery U.S.A. will initially offer 15 excavators ranging from 1.5 to 51 metric tons as it reintroduces itself to the North American market, said Katsuhiko “Pete” Morita, president and CEO, in an interview with Equipment World Wednesday during the bauma trade show. “We’re happy to be back, promoting Kobelco” said Morita, referring to […]
April 18, 2013
Business
Terex CEO discusses roadbuilding sale at Bauma, says company “not looking to be another Cat or Volvo”
Today at Bauma, Terex Chairman and CEO Ron DeFeo gave the press a briefing on where the company currently stands and where it wants to go in the future. While the company was built on acquisitions in the past—most recently Demag cranes in Germany—DeFeo said that he’s not at the show on a shopping expedition. Asked […]
April 17, 2013
Business
GM’s best-selling vehicle isn’t what you’d think (Hint: It’s a small Chinese van)
After analyzing the new Polk vehicle registration data, Jalopnik happened upon a pretty surprising discovery: General Motors’ best-selling vehicle is not only not an American car or truck, it’s not a car or truck period. It’s a van. A tiny, three-cylinder, rear-wheel drive Chinese van called Zhiguang, or “Sunshine.” A van with 80 horsepower. The Sunshine is the […]
April 17, 2013
Business
Caterpillar CEO talks hybrid tech, rental business at Bauma
Noting that the 2010 Icelandic volcano prevented him from attending the last Bauma show, Doug Oberhelman, Caterpillar president and CEO, used that circumstance as an example of how much technology has advanced in just three years during remarks made today at the international trade show. “Then, we were scrambling to get a satellite feed. Now, […]
April 16, 2013
Business
Housing starts jump 7% in March to highest level since before recession
The housing recovery boom marches on. Following a month of stagnation in February, housing starts jumped 7 percent in March to their highest levels since June 2008, according to preliminary data from the U.S. Commerce Department. The big month pushed construction on houses and apartments over the seven figure threshold to a seasonally adjusted rate […]
April 16, 2013
Business
Construction materials prices flat in March as diesel price drop negates lumber and plywood increases
According to the latest Producer Price Index from Associated General Contractors of America, the prices for construction materials were flat in March. The AGC reports that although the prices of homebuilding materials including lumber and plywood, gypsum products, construction plastics, paint and roofing materials increased again in March, a plunge in diesel prices and declines in […]
April 15, 2013
Business
$2.3 billion of 2014 Army budget goes to construction
Army officials recently took time to discuss their military branch’s $129.7 billion portion of the federal budget for the 2014 fiscal year, beginning October 1st. It should come to no surprise that the vast majority of that money, 44 percent or $56.6 billion, will go to military personnel. But about $2.3 billion is marked for “military construction, […]
April 15, 2013
Business
Construction, other industries speak out against guest worker deal
Just when it looked like the final hurdle to immigration reform had been cleared, dozens of business groups, including half a dozen representing construction professionals, have called into question a new guest worker program agreed to by the U.S. Chamber of Commerce and the AFL-CIO. As we recently reported, the new guest worker program, called […]
April 12, 2013
Business
Kobelco moves into temporary North American headquarters in Houston
The doors to Kobelco Construction Machinery USA new, albeit temporary, home in Houston, Texas have officially opened. Following the end of a 10-year agreement with CNH this past December, Kobelco will begin directly marketing its excavators in the U.S. and in Canada. Kobelco is in the process of building a custom HQ and manufacturing facility in […]
April 12, 2013
Business
Obama’s 2014 budget includes $50B for infrastructure, “full support” for MAP-21
President Barack Obama has submitted his 2014 Fiscal Year Budget to Congress and a great deal of money has been set aside for construction projects. According to a report from our sister site Better Roads, Obama’s $3.8 trillion budget includes $50 billion for infrastructure repairs. Of that amount, $40 billion will go directly to Obama’s […]
April 12, 2013
Business
Annual U.S. construction value forecast to reach $919 billion
The value of annual construction is expected to show an increase of 8 percent over 2012 levels, according to a recent report from FMI. In its first quarter 2013 Construction Outlook, FMI, a management consulting and investment banking provider for the engineering and construction industry, forecasts the U.S. value of construction-put-in-place to rise to a […]
April 9, 2013
Business
Budget for Apple’s new HQ balloons to $5 billion, would be a challenge for any contractor
Back in November, it was reported that the completion of Apple’s spaceship-like Campus 2 headquarters would be delayed from 2015 to 2016. Now, a report from Bloomberg says that in the meantime, the budget for the project has ballooned from $3 billon to $5 billion. If you’re not well acquainted with this mammoth project, the […]
April 8, 2013
Business
Study connects traffic jams to economy, forecasts cost to consumer to exceed $1,000 annually by 2020
The total cost of traffic congestion to the U.S. economy in 2011 was $121 billion, according to a report from our sister site Better Roads. Better Roads analyzed the findings of a Texas A&M study conducted last year, which found that the average consumer spent $818 in 2011 on traffic congestion costs. The report says […]
April 8, 2013
Business
Manufacturing growth slows despite increase in construction spending
The majority of financial analysts expected growth in the manufacturing sector to accelerate in March thanks to the boom in housing and increases in construction spending. However, companies reported “fewer new orders and less production” in March than in February, the Washington Post reports. According to the Post, the Institue for Supply Management’s purchasing manager’s […]
April 5, 2013
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