iLevel lends a hand for Joplin recovery
Federal Way, Wash.-based building products manufacturer and distributor iLevel by Weyerhaeuser is donating construction materials to help relief efforts in Joplin, Mo., following the spring tornado that killed more than 150 people. The company is providing a truckload of oriented strand board (OSB) sheathing and a truckload of 2×4 lumber to help repair and rebuild homes and other buildings damaged in the May 21 storm.
"A few days after any tragedy like this, the news crews leave and people outside the area return to their lives, but the hard work of rebuilding continues much longer," said Stewart Lavigne, manager, OSB marketing and sales for iLevel by Weyerhaeuser. "We heard from local officials and building material dealers that construction supplies in the area had been exhausted, and there’s still a need for donations and other support. We’re pleased to work with our business associates to help the people in Joplin and throughout Missouri and assist with the city’s recovery."
"I certainly appreciate iLevel by Weyerhaeuser donating these much-needed supplies for Joplin’s rebuilding efforts," said Missouri Representative Bill White (R-Joplin). He said Joplin has a long road of recovery ahead of it.
The donation is being coordinated through iLevel dealer Forest Products Supply Co. in St. Louis and in conjunction with the Mid-America Lumbermens Association (MLA).
NVR posts second-quarter declines
Reston, Va.-based home builder NVR has posted second-quarter net income of $38.4 million, down 46% from $71.3 million in the same quarter of 2010.
Consolidated revenues for the second quarter ended June 30 totaled $695.9 million, down 28% from $964.5 million in the year-ago period. Second-quarter home-building revenues were $682.7 million, down 28% from $947 million in the second quarter of 2010.
For the first six months of 2011, net income totaled $53.6 million, down 48% from $103.4 million in the first six months of 2010. Consolidated revenues for this period were $1.2 billion, down 22% from $1.6 billion in the comparable 2010 period.
New orders in the second quarter of 2011 decreased 4% to 2,468 units, compared with 2,559 units in the year-ago period. The cancellation rate in the second quarter of 2011 was 12.5% compared with 12% in the second quarter of 2010.
NVR’s home-building unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names.
Outlook volatile for home improvement spending
After showing signs of recovery, spending on home improvements is expected to remain volatile and weak over the next several quarters, according to a report released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The Leading Indicator of Remodeling Activity (LIRA) projected that annual remodeling spending through the first quarter of 2012 will be down 4%. The Census Bureau’s improvements spending series, to which the LIRA is benchmarked, was recently revised downwards as well.
“The recent slowdown in the economy has caused home improvement spending to weaken again,” said Eric Belsky, managing director of the Joint Center. “Falling consumer confidence levels have undermined interest in discretionary remodeling projects.”
“What looked to be a promising upturn in home improvement spending earlier this year has begun to stall,” added Kermit Baker, director of the Remodeling Futures Program at the Joint Center. “Housing starts, existing-home sales and house prices have all been disappointing lately, which has dimmed prospects for home improvement spending gains this year.”
The Remodeling Futures Program, initiated by the Joint Center for Housing Studies in 1995, is a comprehensive study of the factors influencing the growth and changing characteristics of housing renovation and repair activity in the United States. It seeks to produce a better understanding of the home improvement industry and its relationship to the broader residential construction industry.