美国和加拿大建筑产品和材料-2025年冬季

INDUSTRY INSIGHTS W I N T E R2 0 2 5 Learn More M&A transactions closed in the U.S. and Canadianbuilding products and construction materials industryin 2024, a 35% increase from 2023 Percentage of M&A transactions completed bystrategics or sponsor-backed strategics in 2024 Average 30-year fixed mortgage rate in December2024, down from the highest average rate in the pastdecade (7.66% in October 2023) U.S. nonresidential construction spending inNovember 2024, a 3% increase over the prior year U.S. Housing Indicators High interest rates and a low supply of homes headlined the U.S. housing market in 2024. Despite threeconsecutive rate cuts in 2024, the average 30-year fixed-rate mortgage was 6.72% in December 2024. Inresponse to the high-interest-rate environment, the number of single-family home starts marginally decreased by2.1% in 2024. Home prices across the nation are near all-time highs, driven by a lack of supply and outsized demand.Accordingly, many homeowners have opted to remodel their existing homes rather than buy a new property. U.S.housing affordability continues to be a topic of discussion – the average mortgage cost in November accounted forover 25% of household income, according to the Housing Affordability Index from the National Association ofRealtors. The Housing Market Index (HMI), a monthly measure of builder confidence, has steadily increased since August2024 and is nearly 20% higher than the prior year. Higher builder confidence at the end of 2024 is largelyattributed to anticipated regulatory relief in the industry after the U.S. presidential election in November 2024. Forthe multi-family market, the Q3 2024 survey of multi-family developers from the National Association of HomeBuilders (NAHB) reflected slight pessimism, with a Multi-family Production Index (MPI)* of 40, down 2 points YoY. U.S. Housing Indicators The federal funds rate was cut three consecutive times in 2024; however 30-year mortgage rates remained elevated at 6.72% as ofDecember 2024. Mortgage rates priced in expected rate cuts late in 2024, so mortgage rates reacted only slightly when the ratecuts were announced. The Consumer Confidence Index (CCI) was volatile throughout 2024 and decreased 3.1% YoY in December2024. The Housing Market Index (HMI) saw a fourth quarter rebound as home builders slightly reduced home prices while alsoanticipating regulatory relief in 2025 in the wake of the U.S. presidential election. U.S. Housing Starts Single-FamilyDec 2024 YoY∆(2.1%) U.S. Home Sales and Inventory An inadequate supply of housing strained the housing market in 2024. Near-term projections suggest a 2.4% increase in new single-family home supplyin 2025. High borrowing rates and elevated building material cost drove the 1.3% increase in median new home cost throughout the nation in 2024compared to 2023. Existing home sale prices have steadily increased over the past 18 months. The median price for an existing home is expected to be approximately$411,000 in 2024, an increase of 4.4% compared to the 2023 median price. The volume of existing home sales in the U.S. was relatively flat in 2024compared to the prior year and is projected to increase by 2.8% in 2025. The shortage of new residential construction is expected to drive existing homepurchases. U.S. Home Prices The S&P CoreLogic Case-Shiller U.S. National Home Price (NSA) Index, which measures average home prices in major metropolitan areas acrossthe nation, rose 3.8% in November 2024 from the prior year. The Case-Shiller 10-City Index increased 4.9% in November 2024 over the prior year, while the 20-City Index increased 3.8%. U.S. housing affordability continued to be a headwind for prospective buyers in 2024, as recent polls suggest mortgages account for over 25% ofhousehold income. Low inventory, elevated interest rates and existing homeowners’ reluctancy to sell are also driving elevated home prices. U.S. Home Remodeling Activity Based on the Leading Indicator of Remodeling Activity (LIRA*), spending for improvements and repairs to owner-occupied homes slightlydecreased by 1.4% in Q4 2024. Remodeling activity is expected to increase throughout 2025, driven by higher rates, aging existing homes andlack of housing supply. The increase in the near-term remodeling market is connected to the elevated interest rates, as homeowners with low interest rates are faced withhigh switching costs when considering a new mortgage upon a move. In turn, these homeowners are remodeling their existing properties for anominal cost compared to buying a new home. Looming tariffs on imported goods and materials will likely dictate the trajectory of material costs in2025. U.S. Nonresidential Construction Activity In November 2024, nonresidential construction was at a seasonally adjusted annual rate of $1.2 trillion, representing an increase of2.8% over the prior year. Public safety, manufacturing, and amusement and recreation have grown substantially, while commerc