|
|
|
|
|
Construction’s Demand Boom; Clearing a Derailment; Apple Sold on India
|
|
|
|
|
|
|
|
A construction site in Miami last week. PHOTO: JOE RAEDLE/GETTY IMAGES
|
|
|
|
The U.S. construction industry has a lot more room to grow if it can only find enough workers to fill the jobs. A building boom in industrial plants, infrastructure and other nonresidential projects is offsetting weakening home construction in the U.S., providing ballast for freight markets facing declining demand in other sectors. The WSJ’s Bob Tita reports that spending on nonresidential construction was up 17% year-over-year in February, with activity boosted by new plants for electric vehicles and warehouse construction that is outpacing prepandemic levels. Construction spending on manufacturing last year was the highest on record and the demand is pushing more business through supply chains, with
Deere and Caterpillar projecting higher machinery sales this year. The biggest constraint in the business may be hiring, with many contractors unable to replace retiring skilled workers rapidly enough. Industry experts say the lack of experienced workers is contributing to bigger backlogs.
|
|
|
|
“There’s not enough talent in the market to do all the jobs that are out there. We say ‘no’ to projects more than we say ‘yes’ these days.”
|
— Ricky Byrd of Caddell Construction, a warehouse construction contractor
|
|
|
|
|
|
|
|
|
A freight train derailment in Paulsboro, N.J., more than a decade ago damaged a bridge and sickened residents. CLIFF OWEN/ASSOCIATED PRESS
|
|
|
|
As the cleanup from a train derailment in East Palestine, Ohio, continues, a small New Jersey town offers clues on life in the aftermath. Paulsboro, N.J., was rocked in November 2012 when a Conrail train jumped its tracks and spilled vinyl chloride, the same hazardous substance carried in a Norfolk Southern train that derailed in Ohio last month. The WSJ’s Esther Fung reports that the industrial town just south of Philadelphia is humming today after a cleanup that took about a month and payouts of undisclosed sums to about 2,000 residents. One hardware store owner says it took another six months for business to return to pre-accident levels. In a 2017 lawsuit against its
insurers, Conrail said its total loss from the derailment reached $18.4 million. In Ohio, Norfolk Southern said it has committed $28.5 million to the community in East Palestine, in addition to other financial protections.
|
|
|
|
|
|
Apple said it posted record iPhone revenue in India in the December quarter. PHOTO: FRANCIS MASCARENHAS/REUTERS
|
|
|
|
Apple may be making its strongest commitment yet to building a supply chain in India, and it’s not even setting up a new factory. The consumer electronics heavyweight is opening its first retail store in the country, the WSJ’s Megha Mandavia writes in a Heard on the Street column, the latest sign of India’s growing importance for Apple in its global growth plan. Apple has sold iPhones and other products in the country mostly through resellers, e-commerce websites and large format retail chains. With its own brick-and-mortar store, the company is adding a layer to its distribution to consumers as it builds out its manufacturing base in the country. So far, the company has struggled to make a dent in the world’s
second-largest smartphone market in terms of sales and shipments. But making iPhones and then selling them in India ensures a smooth supply chain, mirroring Apple’s success in China.
|
|
|
|
|
|
|
136.9 Million
|
Square footage of industrial real estate in the U.S. signed to new leases in the first quarter, down 9.4% from the fourth quarter and 40.4% below the year-ago level, according to Cushman & Wakefield.
|
|
|
|
|
The Biden administration is expected to propose extensive new limits on passenger-vehicle tailpipe emissions. (WSJ)
Occidental Petroleum is spending $1 billion on plants that capture and store carbon as it seeks to continue to invest in fossil fuels. (WSJ)
Unionized longshore workers at the ports of Los Angeles and Long Beach staged another job action that delayed the opening of cargo terminals on Monday. (Journal of Commerce)
Russia and Venezuela plan to launch a joint dry-bulk shipping operation between the countries. (TradeWinds)
Amazon has started charging fees to make some returns at UPS Stores. (The Information)
Japanese automakers are lagging behind other manufacturers in efforts to build electric-vehicle supply chains. (Nikkei Asia)
Electric-cargo van maker Arrival plans a second merger with a blank-check firm as it struggles to raise cash. (Bloomberg)
Indian business-to-business e-commerce startup JSW One Platforms raised $25 million in a Series A funding round backed by Japan’s Mitsui & Co. (DealStreetAsia)
Trucking equipment distributor FleetPride named former Grainger executive Kevin Weadick as its CEO. (Modern Distribution Management)
|
|
|
The WSJ’s Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying—charges the Journal and the U.S. government vehemently deny. Follow the latest coverage, sign up for an email alert, and learn how you can use social media to support our colleague.
|
|
|
|
|
|