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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. Builders FirstSource, the largest U.S. supplier of building materials and prefabricated components, is valued at $14 billion. Given that it takes orders and makes deliveries to builders across the nation, few firms have a more comprehensive view of both multifamily and single-family construction. Thats why its notable that Builders FirstSource CEO Peter Jackson went out of his way on Thursday to suggest to Wall Street analysts that commentary coming from giant publicly traded homebuilders this earnings season was underplaying softening and softness in residential construction. There were a lot of public homebuilders that have released [earnings] over the past couple of weeks [that reported relatively more positive pictures], versus kind of our signal here that it’s a bit worse than what people are thinking, Jackson told analysts on the company’s July 31 earnings call. Jackson added: Given the inventory environment and what we’re seeing in terms of the land market, what we’re hearing about the takedowns and the contracts, our sense is builders are slowing on the start side . . . Our sense is that slowing, that resetting to a lower [housing starts] rate in order to manage those completed home inventory levels, that’s what’s going to flow through. So that’s the slowing indication that you’ve got from us. This weaker housing demand environment is causing unsold completed inventoryin particular, in the Sun Beltto tick up. Indeed, since the Pandemic Housing Boom fizzled out, the number of unsold, completed U.S. new single-family homes has been rising: June 2018 > 62,000 June 2019 > 79,000 June 2020 > 66,000 June 2021 > 34,000 June 2022 > 38,000 June 2023 > 69,000 June 2024 > 99,000 June 2025 > 119,000 The June figure (119,000 unsold, completed new homes) published this week is the highest level since July 2009 (126,000). To put the number of unsold, completed new single-family homes into historic context, we have ResiClubs Finished Homes Supply Index (see chart above). The index is one simple calculation: the number of unsold, completed U.S. new single-family homes divided by the annualized rate of U.S. single-family housing starts. A higher index score indicates a softer national new construction market with greater supply slack, while a lower index score signifies a tighter new construction market with less supply slack. If you look at unsold, completed single-family new builds as a share of single-family housing starts (see chart below), it still shows we’ve gained slack / single-family construction demand is softening. However, it puts us closer to pre-pandemic 2019 levels than the Great Financial Crisis bust. That said, if new construction or the economy hit a big speed bump and housing starts dropped by 20% to 30%, this ratio would spike quicklyeven if unsold builds didnt increase much. Much of the completed unsold single-family new builds is located in pockets of the Sun Beltin states like Florida, Texas, Arizona, Colorado, and Tennessee. !function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}(); According to ResiClubs statistical analysis, there is a modest to moderate correlation between recent single-family permitting levels and active inventory rising above pre-pandemic 2019 levels. In other words, many of the places where single-family homebuilders have the strongest presence are also the housing markets that have experienced the greatest recent softening. If you talk to homebuilders in Cleveland, Boston, or New Haven, youre likely to hear a very different story right now than from their peers in Tampa, Austin, and San Antonio.
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E-Commerce
Tesla has granted CEO Elon Musk shares worth about $29 billion, in a new pay deal aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots. The company described the grant of the 96 million new shares as a first step, “good faith” payment to honor Musk’s more than $50 billion pay package from 2018 that was struck down by a Delaware court last year. A longer-term CEO compensation plan will be put to a vote at its annual investor meeting on November 6. The Delaware ruling had cited flaws in the board’s approval process and unfairness to investors. Musk kicked off an appeal against the order in March, claiming a lower court judge made multiple legal errors in rescinding the record compensation. The world’s most valuable automaker is at a turning point, with Musk, its largest shareholder with a 13% stake, positioning it more as an AI and robotics company amid falling sales in its mainstay auto business and a slump in its share price. The share award is designed to gradually boost Musk’s voting power, something he and shareholders have consistently insisted was key to keeping him focused on Tesla’s mission, said a special committee Tesla formed earlier this year to consider Musk’s compensation. It consists of chair Robyn Denholm and independent director Kathleen Wilson-Thompson. “While we recognize Elon’s business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging we are confident this award will incentivize Elon to remain at Tesla,” the committee said in Monday’s filing. The new shares vest only if Musk remains in a key executive role through 2027. They also have a five-year holding period, except to cover tax payments or the purchase price of $23.34 per share, which is equal to the exercise price of the 2018 award. If the Delaware courts fully reinstate the 2018 CEO Performance Award, the new interim grant will either be forfeited or offset and there will be no “double dip,” according to the filing with the Securities and Exchange Commission. “This is simply a repackaged version of what was done years ago and was ruled improper by a judge,” said Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware. “It renders the Delaware court decision effectively meaningless,” said Elson, who had filed amicus briefs supporting the Delaware Court’s decision to void Musk’s 2018 award. AUTO BUSINESS STRUGGLES Gary Black, a longtime Tesla investor who sold his position recently, said on X the award should be viewed “very favorably” for the company as it aligns Musk’s incentives with the shareholders and removes uncertainty about him leaving. Tesla shares rose more than 2% in premarket trading. They have gained almost 2,000% in the past decade, far outperforming the around 200% increase in the benchmark S&P 500 index. But the stock has come under pressure this year, losing about a quarter of its value as Tesla grapples with a sales decline wrought by its aging vehicle line-up, tough competition and Musk’s political stances that have alienated some buyers. The challenges have been worsened by U.S. government cuts in support for EVs. Musk said at a post-earnings call last month the waning subsidies could lead to a “few rough quarters” before a wave of revenue from self-driving software and services begins late next year. Analysts expect Tesla to post another annual sales decline in 2025 after its first one last year. S&P Global Mobility data shared exclusively with Reuters showed on Monday that Tesla’s brand loyalty had plunged since Musk endorsed U.S. President Donald Trump last summer. The world’s most powerful person and its richest had a falling out earlier this year. And Musk has raised fears about whether he will be able to devote enough time and attention to Tesla after he locked horns with Trump by forming a new political party. The company also faces a long regulatory road to its robotaxi bet. It started a small trial of its robotaxis in Austin, Texas, June with about a dozen Model Y SUVs. But it lacks permits to offer the service in California, where it last week launched a ride-hailing service in the San Francisco Bay Area without indicating whether it would be using self-driving vehicles that power its Austin operations. (Reporting by Aditya Soni in Bengaluru, additional reporting by Zaheer Kachwala and Jaspreet Singh; Editing by Anil D’Silva) Aditya Soni, Reuters
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E-Commerce
Boeing workers who build fighter jets went on strike Monday at midnight Central Daylight Time.About 3,200 workers at Boeing facilities in St. Louis; St. Charles, Missouri; and Mascoutah, Illinois, voted to reject a modified four-year labor agreement with Boeing, the International Association of Machinists and Aerospace Workers union said Sunday.In a post on X, the union said: “3,200 highly-skilled IAM Union members at Boeing went on strike at midnight because enough is enough.”The vote followed members’ rejection last week of an earlier proposal from the troubled aerospace giant, which had included a 20% wage increase over four years.“IAM District 837 members build the aircraft and defense systems that keep our country safe,” said Sam Cicinelli, Midwest territory general vice president for the union, in a statement. “They deserve nothing less than a contract that keeps their families secure and recognizes their unmatched expertise.”At the time of the earlier vote, union leaders had recommended approving the offer, calling it a “landmark agreement” and saying it would improve medical, pension and overtime benefits.The union members rejected the latest proposal after a weeklong cooling-off period.“We’re disappointed our employees rejected an offer that featured 40% average wage growth and resolved their primary issue on alternative work schedules,” said Dan Gillian, Boeing Air Dominance vice president and general manager, and senior St. Louis site executive. “We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.”Boeing has been struggling after two of its Boeing 737 Max airplanes crashed, one in Indonesia in 2018 and the other in Ethiopia in 2019, killing 346 people. In June, one of Boeing’s Dreamliner planes, operated by Air India, crashed, killing at least 260 people.Last week, Boeing reported that its second-quarter revenue had improved and losses had narrowed. The company lost $611 million in the second quarter, compared to a loss of $1.44 billion during the same period last year. Cathy Bussewitz, Associated Press
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E-Commerce
When Beyoncé launched the track list to her album Cowboy Carter ahead of its release in March 2024, Levis chief marketing officer Kenny Mitchell spotted an opportunity. Noticing the song Leviis Jeans, Mitchell moved quickly, renaming the brands social channels as Leviisa move that he says paved the way for one of the brands most ambitious and effective collaborations. Its resulted in a series of ads, a capsule collection, and innumerably viral moments on Beyoncés Cowboy Carter tour, with the singer wearing custom Levis throughout. I connected with Mitchell for a wide-ranging conversation where he shared his playbook for the groundbreaking Beyoncé colab, how subcultures can be just as important as mass-market events, why he and Levi’s didn’t buckle in the face of the pressure for the company to drop its DEI initiatives, and his four-step process for crafting a compelling brand story. [Photo: Levi’s] How do you identify brand partners? Obviously Beyoncé is part of that, but how else do you try to connect Levis to the zeitgeist? Often when we show up in culture, it can happen in the form of being adjacent and connected to some of the biggest icons in the world. Beyoncé is a great representation of that. But it also is a showing up meaningfully in important subcultures. A subculture we connected with is sneakerheads with the Air Max collaboration that we had with Nike last month, which sold in minutes on our site. Another example is working with streetwear designer Tremaine Emory and Denim Tears, which is a longtime partnership. Levis chief marketing officer Kenny Mitchell [Photo: Levi’s] If you think about culture more broadly, the mainstream right now is made up of a bunch of things that used to be in subcultures. That’s where so much opinion is initially built and formed. We look at these opportunities to show up in culture as a way to demonstrate some of the elasticity of our brand. So it’s important for us to be deep in the subcultures, while remaining a democratic brand thats top of mind for people regardless of your station in life. This final installment of the “Reiimagine” campaign with Beyoncé is coming on the heels of the American Eagle ad with Sydney Sweeneyand all of the backlash to it, amid this broader trend of brands moving away from the idea of diversity and that “democratic” approach, as you put it. Levis has remained committed to those ideas, though. How do you view Levis in this moment? I cant really speak to other brands, but what I can say is that we as a brand have done our best to operate in a way that’s consistent with our values. You can see that in things like our Pride collection, which we continue to execute and be very proud of. We are a global company and we are activating in ways that reflect our fans and our consumersand they are diverse by nature. So we are going to keep operating in that fashion. We recently had a proxy challenge against some of our DEI efforts, and Im incredibly proud that our executive team, our board, as well as our shareholders completely rejected that, and weve stayed committed to operating in ways that are aligned with our values. [Photo: Levi’s] How have you used the “Reiimagine” campaign to live up to those values? At the heart of the “Reiimagined” campaign is the fact that Levis has served as what we call this “uniform of progress.” Thats a key part of what we often talk about in terms of breaking and building the codes of culture. Beyoncé has been driving a tremendous amount of progress in culture. So what weve created together is reinterpreting iconic ads that were almost always shown through the lens of a white male protagonist and centering them on a woman of color in an empowering way. Its very much aligned with our strategy and brand point of view of being this outfitter of the worlds change agents, icons, and originals. With the 501 Curvy product, were using Beyoncé as an example of how were taking an iconic look and continuing to evolve and progress it. Its an opportunity to take the insights we hear from our fans and uses these great cultural moments to help elevate some of our product innovation stories. [Photo: Levi’s] When youre developing a campaign or strategy, how do you identify what will make an impact? When I think about storytelling, I have a little acronym that I sometimes useCASE. C stands for creative, A stands for authentic, S stands for strategic, and E stands for emotional. With the C, are you tackling your storytelling in a way that’s novel, that’s interesting, that’s creative? The A: Is the story youre telling authentic to your consumer and fan, and is it also true to the brand? Those pieces are really important. Strategic: Is it answering the brief? Because creativity without strategy is artand Im not in the business of making art. Im doing marketing and advertising. I want people to act or change their belief or perception. And the E: Does it make you feel something? When I embark on just about any effort, thats a framework that ive taken with me everywhere and its served me decently well.
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E-Commerce
For the past couple of months, I’ve been using a prerelease smartphone operating system that represents a significant design overhaul, with a greater focus on transparency and new visual elements that respond realistically to your touches and swipes. No, Im not talking about iOS 26, where Apple is seemingly changing its mind about the extent of its Liquid Glass design language with every subsequent beta. There are some great new features in thereand iPadOS 26 is huge for productivitybut Id recommend most iPhone users wait for it to cook a little longer before checking it out. Im talking about Googles Material 3 Expressive version of Android 16, which has been available on Pixel phones in beta form since May. Ive been running it on my Pixel 9 since it was first released to developer channels. Its flown under the radar somewhat, because although Android 16 has been publicly available for some time, this new accompanying redesign wasnt timed for the launchwhich made for an underwhelming update. {"blockType":"creator-network-promo","data":{"mediaUrl":"https:\/\/images.fastcompany.com\/image\/upload\/f_webp,q_auto,c_fit\/wp-cms-2\/2025\/03\/multicore_logo.jpg","headline":"Multicore","description":"Multicore is about technology hardware and design. It's written from Tokyo by Sam Byford. To learn more visit multicore.blog","substackDomain":"https:\/\/www.multicore.blog","colorTheme":"salmon","redirectUrl":""}} Thats a shame, because Material 3 Expressive is actually really great which is good news for anyone thinking of picking up a new Pixel 10-series phone when they launch next month. Expressive Material 3 Expressive is kind of a convoluted name, building off the previous Material You language, which in turn was a spin on Material Design. But expressive is as good a word as any to encapsulate what Google is trying to do here. The software feels playful and interactive in a way that Android rarely has. It starts with how Google is handling physics and haptics throughout the operating system. There are countless new animations and effects that make it more fun and responsive to use. The volume slider now has an incredibly subtle haptic effect that makes you feel like youre sliding a scroll wheel back and forth, for example, while notifications or recent apps in the multitasking menu all react to each other in physically consistent ways. You know how it feels to finally loosen a book from a crammed shelf? Thats kind of what its like to dismiss a notification hereit looks and feels like youre squeezing it out of a stacked list. [Art: Material 3 Expressive] Material 3 Expressive backs up the haptic feedback with animations that give on-screen elements a more physical feel. Buttons shift shapes depending on their activation state, while neighboring items in lists react to what youve selected. This design approach is particularly well-suited to Wear OS, which is now solely deployed on circular smartwatches; crucial buttons dynamically shrink and expand to fill the round spaces at the edge of the screen depending on how far youve scrolled. Its the first time its really felt like a smartwatch user interface is a natural fit for a round display. Visual Overhaul Googles new take on Android also comes with a welcome visual overhaul. Its not immediately dramatic, but youll notice increased use of transparencies throughout the operating system, as well as bolder typography and brighter color schemes that adapt to your content and wallpapers. Essential UI elements like the battery indicator are now chunkier and more visible. The lock screen has received particular attention, with a larger clock design and a compact notification view that minimizes your alerts until you choose to unfurl them. The overall effect is much cleaner and feels more intentional. [Art: Material 3 Expressive] The quick settings menu, which appears above notifications when you swipe down from the top of the screen, is a particular highlight. Its always been a helpful Android feature, but this new version is more customizable than ever, even letting you edit the size of buttons in the layout. If you opt for a wider Bluetooth button, for example, the left side of the button can be used as an on/off toggle while the right side expands to show you a list of your connected devices. Googles Best Work Material 3 Expressive wont spur as much discussion or debate as Apples Liquid Glass, for better or worse. Google doesnt have the same clout to get hird-party app developers on board, and this particular flavor of Android will really only be seen on the companys own Pixel phones, which are not huge sellers in most major markets. But I really think this is some of the best design work Ive seen out of Google in recent years. While Ive always liked the Pixel version of Android, thats tended to be because of the unique functionality and the lack of bloat. Material 3 Expressive, however, feels genuinely fresh and appealing in its own right. Right now, I would say this is the most stylish and attractive software available on any phone, which might just be the first time Im able to say that about Googles own take on Android. The new Pixel 10 lineup is set to be unveiled on August 20th. They may not shoot up the smartphone sales charts, but assuming they ship with the Material 3 Expressive version of Android 16, itll be a good reason for the uninitiated to give them a closer look on launch. {"blockType":"creator-network-promo","data":{"mediaUrl":"https:\/\/images.fastcompany.com\/image\/upload\/f_webp,q_auto,c_fit\/wp-cms-2\/2025\/03\/multicore_logo.jpg","headline":"Multicore","description":"Multicore is about technology hardware and design. It's written from Tokyo by Sam Byford. To learn more visit multicore.blog","substackDomain":"https:\/\/www.multicore.blog","colorTheme":"salmon","redirectUrl":""}}
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E-Commerce
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