Show an ad over header. AMP

What Home Depot tells us about the country's housing boom

Home Depot has been a proxy for the white-hot housing market.

What's going on: The company rode the coattails of the pandemic building boom — and just gave us a hint that it hasn't slowed down.


A fresh data point illuminates the boom: U.S. home prices soared in December at the fastest pace in six years — the latest sign of strong demand.

Details: Home Depot said Tuesday vinyl flooring, appliances and moldings drove sales at the end of last year.

  • Sales for DIY projects continued at a breakneck pace.
  • Professional builders' purchases of housing supplies jumped the most since the pandemic began.

Catch up quick: Home demand has soared, but supply is still tight — sending prices soaring.

  • Builders are racing to keep up with the demand for new homes.
  • Borrowing rates plummeted when the pandemic hit, enticing locked-down residents to seek out bigger or different homes.

The other side: As people spent more time in their homes, they put extra cash in them too, fueling a home-improvement frenzy.

What they're saying: "It took us 19 years ... to get the first $20 billion in total sales," but sales jumped by more than that in one year alone, Home Depot CEO Craig Menear told analysts today.

How the tech stock selloff is hurting average Americans

Data: FactSet; Chart: Axios Visuals

Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.

Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

Keep reading... Show less

UN human rights chief: At least 54 killed, over 1,700 detained since Myanmar coup

Police and military officers in Myanmar have killed at least 54 people during anti-coup protests, while "arbitrarily" detaining over 1,700 people, United Nations Human Rights Commissioner Michelle Bachelet said Thursday.

Why it matters: Protesters have demonstrating across Myanmar for nearly a month, demanding the restoration of democracy after the country's military leaders overthrew its democratically elected government on Feb. 1.

Keep reading... Show less

The U.S. may be setting itself up for a fourth coronavirus wave

Data: The COVID Tracking Project, state health departments; Note: Anomalous Arkansas case data from Feb. 28 was not included in the calculated change; Map: Andrew Witherspoon/Axios

The U.S. may be on the verge of another surge in coronavirus cases, despite weeks of good news.

The big picture: Nationwide, progress against the virus has stalled. And some states are ditching their most important public safety measures even as their outbreaks are getting worse.

Keep reading... Show less

Sidewalk robots get legal rights as "pedestrians"

As small robots proliferate on sidewalks and city streets, so does legislation that grants them generous access rights and even classifies them, in the case of Pennsylvania, as "pedestrians."

Why it matters: Fears of a dystopian urban world where people dodge heavy, fast-moving droids are colliding with the aims of robot developers large and small — including Amazon and FedEx — to deploy delivery fleets.

Keep reading... Show less

The biggest obstacle to a wealth tax

Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

Keep reading... Show less

House passes For the People Act to expand voting rights

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Keep reading... Show less

House passes George Floyd Justice in Policing Act

The House voted 220-212onWednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

Keep reading... Show less

Republicans are demanding a full 600-page reading of Biden’s COVID relief bill

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories