Current Affairs
March 31, 2023
Housing Starts Update
United States Housing Starts
February 2023 Data – 1959-2022 Historical
Housing starts in the US surged 9.8% from a month earlier to a seasonally adjusted annualized rate of 1.45 million in February of 2023, the highest in five months, and way above market forecasts of 1.31 million, in a sign that some confidence may have returned to the housing market, although mortgage rates and inflation remain elevated. Single-family housing starts were up 1.1% to 830 thousand and starts for units in buildings with five units or more surged 24.1% to 608 thousand, the highest since April last year. Starts soared in the Midwest (70.3% to 201 thousand), the West (16.8% to 347 thousand), and the South (2.2% to 796 thousand) but fell in the Northeast (-16.5% to 106 thousand). Compared to February 2022 however, housing starts were 18.4% lower. In January, housing starts were revised higher to 1.321 million from an early estimate of 1.309 million, but remaining the lowest since June of 2020. source: U.S. Census Bureau
March 28, 2023
New Home Sales Rise
New Home Sales Unexpectedly ‘Rose’ In February, Median Price Rebounds
by Tyler Durden
Thursday, Mar 23, 2023 – 10:09 AM
After surging far more than expected in December and January (and beaten expectations in each of the last six months), new home sales were expected to slide in February (despite the unexpected jump in existing home sales as mortgage rates took a pause from their blast off higher). However, like existing home sales, new home sales rose 1.1% MoM (-3.1% exp). This is the seventh beat in a row, but only because January’s +7.2% MoM spike was revised dramatically lower to a mere +1.8% MoM… if that January level had held this would have been a 4.5% MoM drop…
Source: Bloomberg
Year-over-year, new home sales remain down 19%, but on a SAAR basis are back near their highest since last April…
Source: Bloomberg
Sales rose in the West and South, the two largest regions by purchases. The number of homes sold in the Northeast plunged to the lowest since June.
The median home price rose from $426.5K (lowest since Sept Dec 21) to $438.2K…
Supply continues to contract (some might say ‘normalize’). There were 436,000 new homes for sale as of the end of last month, the lowest since April. That represents 8.2 months of supply at the current sales rate. …
Source: Bloomberg
Interestingly, the number of homes sold, but not yet started, continues to rise, surging to 149K, from 108K, the highest since March 2022…
Source: Bloomberg
Of course, the problem is, mortgage rates have resurged back above 7.00% since this data…
Source: Bloomberg
Resurgent home sales (and prices) is not what Powell wants to see – don’t expect mortgage rates to save any homebuyers anytime soon (especially as banks tighten lending standards amid a liquidity/solvency crisis).
March 23, 2023
EVERCHEM UPDATE: VOL. 09 – The Terminator: 2023
In a backyard shed somewhere in middle-America right now, there is a group of tech geeks cooking up their master plans for Skynet 2030.
Urethane Industry-inspired AI generated text-to-image art, using Runway AI. See if you can match the photo with the text prompt it was given:
- Chemical splitter
- A chemist pouring chemicals into a large blue drum
- An excited salesman closing a deal for one rail car of Toluene Diisocyanate
- A warehouse forklift operator loading a pallet of chemical drums
- Urethane foam cell close up
- urethane salesmen playing golf in the spring
- Out to dinner with customers
Subscribe to the Urethane blog for more Everchem Updates here
March 21, 2023
Auto Sales Rebound in January
March 13, 2023
We Asked ChatGPT About Spray Foam
Per Chat GPT:
Polyurethane spray foam is a highly versatile and innovative insulation material that has been gaining popularity in recent years. Spray foam is made from a combination of polyol resin and isocyanate, which are mixed together at the time of application and sprayed onto a surface as a liquid. The liquid then expands and solidifies into a foam that provides excellent insulation properties.
One of the significant advantages of polyurethane spray foam is its ability to fill gaps and conform to irregular surfaces, providing a tight seal that reduces air leakage and improves energy efficiency. The foam also has a high R-value, which is a measure of its thermal resistance. This means that it can provide better insulation than traditional materials such as fiberglass or cellulose.
Another advantage of spray foam insulation is that it can help to improve indoor air quality. The foam provides an airtight seal that prevents the infiltration of allergens and pollutants from outside, reducing the risk of respiratory problems and allergies. Additionally, the foam is non-toxic and does not emit harmful chemicals into the air, making it a safe choice for homes and businesses.
Polyurethane spray foam is also a cost-effective insulation option in the long run. Although the initial cost of installation may be higher than other insulation materials, such as fiberglass, spray foam’s long lifespan and energy efficiency can lead to significant savings on energy bills over time. Additionally, spray foam requires minimal maintenance and can help to extend the lifespan of a building’s HVAC system by reducing the workload on heating and cooling equipment.
There are two types of spray foam insulation: open-cell and closed-cell. Open-cell foam is less dense and has a lower R-value than closed-cell foam, but it is more affordable and provides excellent sound insulation. Closed-cell foam, on the other hand, is denser and has a higher R-value, making it a better choice for areas with extreme temperatures or where space is limited.
In conclusion, polyurethane spray foam insulation is an innovative and versatile material that offers many benefits over traditional insulation options. It provides excellent energy efficiency, improved indoor air quality, and long-term cost savings. If you are considering upgrading your home or business’s insulation, spray foam may be an excellent choice for you.
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