New Home Sales Continue to Climb
Economists got a surprise last week when the Commerce Department released the latest figures for new home sales in the month of October.
According to the Commerce Department, new home sales climbed a surprising 6.2 percent in October. Economists were predicting a slight decline for the month.
It is the third month in a row that home sales have grown.
The Commerce Department said 685,000 units were sold during October. Single-family home sales are now at the highest level they have been in the past 10 years.
Some experts said the jump in sales may be attributed to the mild fall weather across the country.
Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, North Carolina, told Reuters, “Sales rose sharply in the Northeast and Midwest, which are the smallest regions for new home sales and often greatly influenced by atypical swings in the weather.”
The Northeast saw the largest gain in sales (30.2 percent), followed by the Midwest (17.9 percent), the West (6.4 percent) and the South (1.3 percent). Sales in the South were likely temporarily impacted by Hurricanes Harvey and Irma.
It will be interesting to see how these record numbers translate into spring plant sales. Hopefully, these new homeowners will be looking to landscape their new homes with lots of new plants.
We’ll find out in a few months.
Walmart Tweaks Official Company Name
Reflecting its growing status as an omni-channel retailer, earlier this week Walmart announced it was changing the company’s legal name from Wal-Mart Stores, Inc. to Walmart Inc. effective Feb. 1, 2018. According to the company, the name change reflects Walmart’s growing emphasis on serving customers seamlessly however they want to shop: in stores, online, on their mobile device, or through pickup and delivery. “While our legal name is used in a limited number of places, we felt it was best to have a name that was consistent with the idea that you can shop us however you like as a customer,” said Doug McMillon, company president and CEO.
On Nov. 21, Lowe’s announced that Richard D. Maltsbarger had been appointed as the company’s chief operating officer, effective Feb. 3, 2018. Prior to this appointment, Maltsbarger was Lowe’s chief development officer and president, international. Maltsbarger succeeds Rick D. Damron who will retire after 36 years with the company. Maltsbarger will be responsible for “delivering seamless omni-channel experiences to execute Lowe’s brand promise and build lasting customer loyalty.” He will oversee areas including store operations, supply chain, professional and services.
New Home Depot Podcast Series Explores Company Culture
The Home Depot has launched a new podcast series called “Give Me an H.” The podcasts are designed to provide a behind-the-scenes look at the company and “explore [the] unique culture through the eyes and experience of associates who live it every day.” In the first podcast, Ted Decker, EVP of merchandising, discusses how an entrepreneurial mindset, caring for fellow associates and a passion for extraordinary service are essential to the company’s success. The podcast series is hosted by Arlette Guthrie, Home Depot’s human resources leader.
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