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REPORT: Builders FirstSource exiting New England

The Dallas-based pro dealer is closing its branch in East Haven, Conn.

BY HBSDealer Staff

Builders FirstSource is closing its branch in East Haven, Conn., according to a report by HartfordBusiness.com.

In a filing with the Department of Labor, the Dallas, Texas-based pro dealer said the location will begin letting employees go as early as Dec. 26, including drivers, sales personnel, and drywall carriers.

The move will mark Builders FirstSource’s departure from the New England region. The dealer operates more than 25 locations in New York and New Jersey but none north of the Tri-State region.

Builders FirstSource operates more than 400 locations in 40 states.

On Nov. 1 Builders FirstSource reported third quarter 2018 net sales increased more than 12% to $2.1 billion from third quarter 2017 net sales of $1.87 billion. The dealer also posted a net income of $73.3 million for the quarter, nearly doubling a net income of $39.8 million in the third quarter a year ago.

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Lowe’s appoints CIO

A former Target exec has 25 years of global tech experience on her resume.

BY HBSDealer Staff

Lowe’s appointed Seemantini Godbole as chief information officer, effective Nov. 12. Godbole currently serves as senior vice president, digital and marketing technology, at Target Corporation.

Godbole brings to Lowe’s more than 25 years of global technology experience. She helped lead Target’s digital technology transformation, including the re-architecture of the company’s digital platforms, implementation of agile product management and the introduction of technology for new customer experiences including the mobile applications, buy online and pick up in-store and ship from store programs, guest order fulfillment, digital wallet, localized pricing, and customer loyalty and engagement offerings. Godbole has led development of long-term technology roadmaps, portfolio planning and engineering, operational support functions and ecommerce platforms.

“Seemantini is a tremendous addition to the Lowe’s executive leadership team,” said Marvin R. Ellison, Lowe’s president and CEO. “She is a proven retail executive and brings to Lowe’s extensive expertise in transforming digital platforms to drive outstanding results by focusing on the technology needed to improve the customer and associate experience. I am confident Seemantini is the right leader to advance Lowe’s technology efforts for the future.”

Seemantini Godbole

Prior to Target, Godbole also spent 15 years at American Airlines/Sabre and Travelocity where she held a variety of senior technology leadership roles globally.

“I am excited to join Lowe’s and look forward to strengthening our competitiveness by developing a world-class technology team that will meet and exceed the evolving expectations of the customer while also providing the right tools and technology for our associates,” said Godbole.

Godbole is a graduate of Texas Tech University, where she received a master of science degree in computer science. She also holds a bachelors of engineering degree in electrical and electronic engineering from the National Institute of Technology in India.

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Unemployment rate holds steady

A super low 3.7% for the second month in a row.

BY HBSDealer Staff

For the second month in a row, the national unemployment rate held steady at an ultra low 3.7% in October.

The data released Friday morning by the Bureau of Labor Statistics also shows total nonfarm payroll employment rose by 250,000 in October. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing, the bureau reported.

Construction employment rose by 30,000 in October, with nearly half of the gain occurring among residential specialty trade contractors (+14,000). Over the year, construction has added 330,000 jobs.

Employment in other major industries—including wholesale trade, retail trade, information, financial activities, and government—showed little change over the month.

The National Association of Home Builders pointed to monthly employment data released by the BLS Establishment Survey that indicates the number of residential construction jobs rose by 16,600 in October, more than three times of the 5,000 increase in September.

Not counting September’s unemployment rate, October’s rate is the lowest since 2001.

The NAHB also emphasized the following employment related stats:

  • Residential construction employment now stands at 2.86 million in October. That includes 803,000 builders and 2.1 million residential specialty trade contractors.
  • Over the last 12 months, home builders and remodelers have added 143,500 jobs on a net basis.
  • Since the low point following the Great Recession, residential construction has gained 873,500 positions.
  • In October, the unemployment rate for construction workers declined to 4.1% on a seasonally adjusted basis, from the 5.0% in September. The unemployment rate for the construction sector has been trending downwards since February 2010 and remains historically low.

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