Rough Week
Taking a look at the state of the market
An interesting week in the glass industry combined with a rough week on the markets has given off a gloomy feel. First up, earlier in the week, as in what would be considered a surprising move, a price increase on glass was dropped from the primaries. Obviously, some parts of the country are encountering softer conditions, so seeing this threw many for a loop. The timing, indeed, was unexpected.
Then we had the market meltdowns at the end of the week, and those two combined brought a little more skittishness in our industry right now. What will be interesting is that I watch jobs that are either on hold, delayed, or abandoned. Will this double whammy of a price increase and market volatility push more projects to the abandonment side? What can be absorbed, and what can be passed on? Cash flow pressure was already mounting, and this will add to it. Tough run all the way around. The strong and smart, as always, will survive, but it’s not a fun path at the moment. As I have noted in my past presentations and here, now more than ever, vetting the supply chain is a must. Because with all of these economic factors working against us, you need to make sure who you are dealing with will have the wherewithal to be there in the long run.
One potential positive? There were rumblings that an interest rate cut is coming next month, so that could release some previously held up work. But that was the feel at the start of the week and as we just saw in the span of a few days, a lot can change.
Elsewhere…
Industry hirings
Ok, let’s flip the mood here and go with good and positive news. Two significant hirings this week in our space by major players. First up, Thompson Innovative Glass snagged James Wright to be their VP of Sales. I’m a massive fan of James and his talent, and I’m thrilled to see him land at one of the best fabricators in our industry. I’ve joked on here that Thompson President Tom Donovan must be a screenwriter (a few episodes of Ozark he had to have had input on) and this hiring was a great plot part in the big script of things. Thompson is a company on the move hiring one of the best out there. Congrats!
Also, CRL made a big play with the hiring of Eric Kowalewski as President. I do not know Eric yet, but from the people who do, it’s been a hiring that is getting rave reviews. The guy is a popular one, and he has a very nice building products background, too, so thumbs up in all directions. Congrats, Eric and CRL, on this addition!
Latest pod
ICYMI – the latest From the Fabricator podcast dropped last week, and it’s been bringing in a lot of fresh feedback. Three strong industry people were featured, and the most common comment I got was how all three really came across as genuine and caring about our space and how they approach it. I felt the same way. I really appreciated their time, too. So, if you want to catch up with it, please do so using the links below. Featured on this outing were John Leonard of FHC, Priscilla Koeckeritz of Brin Glass, and Dan Reinhart of Salem Fabrication Technologies. Thank you again to them and to all of you who have listened/watched or will do so!
Watch it here or listen here, as well as by searching “From the Fabricator” wherever you get your podcasts.
GlassBuild 2024
GlassBuild. Some notes. Have you registered yet? Given the challenges mentioned at the top, attending now to get and stay ahead of all that is happening is a must. Use the code MAXPOD for a free show floor entry. Also, if you are on the glazing side, take a look at the Glazing Executives Forum lineup. Great topics and discussion points ahead, and the annual Connor Lokar long-form discussion/presentation on the economy returns to its original setting inside the Forum. That alone is worth signing up for. Especially now. Check it all out at GlassBuild.com
Case study
I was truly honored to be in the middle of a fantastic case study on the National Aquarium project in Baltimore, Maryland. Super Sky led the way on this one, and Todd Wilde gave a tremendous rundown on all that went into this work. Then we heard from a couple of the great partners on this project, Walker Glass and Linetec, and they gave us deep insight into their roles. For the glass geek or anyone who likes to get into the nuts and bolts, this was a good read!
Walker Glass selling equipment
Last this week and speaking of my pals from Walker Glass. They do have a few pieces of equipment for sale. So, if you’re looking for some good used equipment hit this link and get in touch with them.
