Housing starts bounce back
Housing starts for the month of May rose 6.8% from April to a seasonally adjusted annual rate of 914,000, according to data released Tuesday morning by the Commerce Department. The revised April estimate stood at 856,000.
The May total is 28.6% above the May 2012 rate of 711,000.
Single-family housing starts in May were at a rate of 599,000, which is 0.3% above the revised April figure of 597,000. The May rate for units in buildings with five units or more was 306,000.
Privately owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 974,000. This is 3.1% below the revised April rate of 1,005,000, but is 20.8% above the May 2012 estimate of 806,000.
Jim Fay named CSI/Moen’s 2012 Representative of the Year
In a nod to significant growth resulting from his initiatives, Jim Fay has been named Creative Specialties International’s 2012 Representative of the Year.
Fay is recognized for his long-term strategic planning and success in helping the company navigate a changing marketplace, which culminated in an 89% year-over-year growth in 2012. He orchestrated the effort to develop a proprietary lead-generation source and launched a CSI/Moen approval campaign among developers and designers (CSI is the bath hardware division of Moen).
Fay hails from the Phoenix Enterprise, a Rochester, N.Y.-based manufacturer’s representative agency that has weathered drastic changes in the market since the 1970s, according to the company.
“I am thrilled to receive this award from CSI/Moen, as it reflects the hard work and vision of our entire team,” said Fay. “While we did not embark on this strategic growth initiative for the awards, we are very grateful and honored to be recognized in such a way. It has taken a lot of work and planning, but we’re now seeing the results we had hoped for when we started.”
Fay saw an opportunity to navigate away from CSI’s existing strategy of targeting single-family housing starts. Realizing that the company wasn’t generating enough revenue on starts alone, Fay developed a campaign to position CSI/Moen as the standard-bearer in the industry.