Fitch predicts amped-up construction spending
Fitch Ratings has released a report titled "2014 Outlook: U.S. Building and Home Products and Services" that prophesies a healthy increase in construction spending next year, and in turn, a buoyed-up building materials industry.
Additionally, Fitch projects a stable outlook for the U.S. building materials industry, which is strengthened by the increased construction activity.
Construction spending is predicted to increase 9% to 10% and is mostly owed to new residential construction. Fitch also expects revenue growth of 6% to 7% for building materials companies next year.
"Home remodeling spending stands to grow modestly next year as housing turnover improves," said Fitch director Robert Rulla. "The same holds true for commercial construction spending, while public construction spending should increase only slightly."
Ryland appoints Thomas Toomey to board of directors
The Ryland Group has elected Thomas Toomey, who is president and CEO of UDR, Inc., to its board of directors.
Toomey has been at the helm of UDR since he joined the company over 10 years ago. Previous to his role there, Toomey was COO and CFO at Apartment Investment and Management Comany.
He also currently serves on the board of the National Association of Real Estate Investment Trusts and the National Multi Housing Council.
UDR is a multi-family real estate investment trust and an S&P 400 company.