Morning brief: Architects see a bump in work
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The American Institute of Architects reports that its monthly indicator of construction activity was up in July compared with June. Lots of numbers and comparisons, but the bottom line: Business is still bad -- just not as bad as it used to be. The West fared worse than the South but better than the Northeast and the Midwest. The specifics are here. The survey follows today’s story from Times staff writer Peter Hong with a blip of optimism about the Southern California housing market.
On the DIY front, Home Depot and Lowes both reported declining second-quarter revenue with a smile; the declines weren’t as bad as some analysts had expected. Home Depot’s most noteworthy hit came in big-ticket purchases, which the company classifies as $900 or more. But there were bright spots. From the Associated Press story:
Paint, outside garden products, building materials, flooring and plumbing performed better-than-average, while mill work, hardware, kitchen, lumber and electrical sold less well. ... In California, however, weather was good, and the company said that drove garden sales, despite continued high unemployment and foreclosures in the area. Foreclosed homes being put back on the market are also driving sales of things like paint and carpet upgrades.
-- Craig Nakano
