March housing starts decline, but permits rise
Residential construction data from the Commerce Department released Tuesday morning shows housing starts declined 5.8% in March to a seasonally adjusted annual rate of 654,000. But building permits were the strongest since September 2008.
Single-family housing starts held steady at 462,000, compared with 463,000 in February.
The total housing starts figure is the lowest since October 2011, when the rate dipped to 628,000. Optimists, however, will point out that the year-over-year growth continues to be strong for construction. March’s total starts are up 10.3%, and single-family starts are up 10.5% compared with March 2011.
The building permit story will also fuel optimism. Privately owned housing units authorized by building permits in March were at a rate of 747,000, up 4.5% from February, and up 30.1% compared with March 2011.
84 Lumber refinances
84 Lumber has finalized a $225 million senior secured revolving credit facility to refinance existing debt, and for general corporate purpose. Wells Fargo Capital Finance and PNC Bank and acted as joint lead arrangers. GE Capital acted as co-collateral and documentation agent for the loan.
84 Lumber chief financial officer Paul Lentz said the new facility will give 84 Lumber greater financial flexibility and liquidity as it continues to improve its business following the housing market crash.
“It’s gratifying that Wells Fargo, who’ve supported us through the depths of the housing crisis, see the progress that we have made and continue to make as the economy and housing markets recover,” said Lentz. “We view their continued commitment to 84 Lumber as a sign that our management team has made the right decisions and taken the proper courses of action to not only survive the housing downturn but to put ourselves in a position to be a significant supplier as the markets continues to recover.
Founded in 1956 and headquartered in Eighty Four, Pa., 84 Lumber is the largest privately owned LBM chain, operating 250 stores, component plants, door shops, installation centers and engineered wood product shops in 30 states.
It’s gratifying that Wells
It’s gratifying that Wells Fargo, who’ve supported us through the depths of the housing crisis, see the progress that we have made and continue to make as the economy and housing markets recover,” said Lentz. “We view their continued commitment to 84 Lumber as a sign that our management team has made the right decisions and taken the proper courses of action to not only survive the housing downturn but to put ourselves in a position to be a significant supplier as the markets continues to recover. 7" tablets [url=http://www.focaltablet.com/7-inch-tablet-pc_c406.html]7" tablets[/url]
GE Capital, Corporate Finance
GE Capital, Corporate Finance has announced a $225 million asset-based loan for 84 Lumber Co., which the pro dealer will use to refinance existing debt and for working capital purposes. GE Capital acted as co-collateral and documentation agent for the loan. stop a heart attack
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Kleer offers comprehensive fastening solution
Kleer Lumber, Inc., a manufacturer of extruded free foam cellular PVC building products, introduced KLEER Fasteners, the first comprehensive hidden fastening solution for cellular PVC trim and decking products. Engineered to provide long-term performance, KLEER Fasteners are backed by a lifetime warranty and offer a lifetime of beauty for projects built with Kleer Decking and Kleer PVC Trim products.
KLEER Fastener products include Cortex screws and plugs for trim, Cortex screws and plugs for decking and the KLEERKlip Stainless Steel concealed fastener for KLEER grooved decking products.
“We believe one of the reasons a contractor chooses Kleer trim or decking products is for the beauty they provide when finished properly,” said Walt Valentine, president, Kleer Lumber, Inc. “Last year, we introduced a line of adhesives and sealants to make the selection of those products easier for contractors. Another important part of finishing a project is choosing fasteners that are structurally sound while providing a clean, color-matched and hidden appearance.”
Cortex screws and plugs for Kleer Cellular PVC Trim are packaged in 50, 250 and 750 linear foot boxes and feature a free Cortex setting tool with the purchase of the 250 or 750 sizes. The setting tool ensures contractors will install the Cortex screws and plugs as quickly as possible and at the correct depth every time.
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