25 April 2013 17:07 [Source: ICIS news]
HOUSTON (ICIS)--US housing improved in the first quarter, and Dow Chemical expects the trend to continue, the company said on Thursday.
"US housing continues its positive march from a very low base, and we expect an uptick in coatings and infrastructure solutions in line with seasonality," said Bill Weideman, Dow's chief financial officer.
Weideman made his comments during an earnings conference call.
Dow was among the latest to forecast a continuation of the nation's housing market.
US-based paint maker Sherwin-Williams expects the recovery to persist.
The National Association of Home Builders (NAHB) said US single-family housing starts will reach 672,000 units by the end of this year and then climb to nearly 860,000 new one-family build-outs in 2014.
The housing market is a key downstream consumer sector for the chemicals industry, driving demand for a wide variety of chemicals, resins and derivative products such as plastic pipe, insulation, paints and coatings, adhesives and synthetic fibres, among many others.
The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 (€11,550) worth of chemicals and derivatives used in the structure or in production of component materials.
Additional reporting by Joe Kamalick
($1 = €0.77)
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