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ROCKVILLE, Md.--(BUSINESS WIRE)--Dec 5, 2024-- Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its third quarter of fiscal year 2025 ended October 31, 2024. The Company will host an investor conference call today, December 5, 2024, at 5:00 p.m. ET. Consolidated Financial Highlights ($ in thousands, except per share data) October 31, For the Quarter Ended: 2024 2023 Change Revenues $ 257,008 $ 163,755 $ 93,253 Gross profit 44,327 19,235 25,092 Gross margin % 17.2 % 11.7 % 5.5 % Net income $ 28,010 $ 5,464 $ 22,546 Diluted income per share 2.00 0.40 1.60 EBITDA 37,509 12,180 25,329 Cash dividends per share 0.375 0.300 0.075 October 31, For the Nine Months Ended: 2024 2023 Change Revenues $ 641,705 $ 408,779 $ 232,926 Gross profit 93,376 57,201 36,175 Gross margin % 14.6 % 14.0 % 0.6 % Net income $ 54,090 $ 20,340 $ 33,750 Diluted income per share 3.91 1.50 2.41 EBITDA 74,241 33,774 40,467 Cash dividends per share 0.975 0.800 0.175 October 31, January 31, As of: 2024 2024 Change Cash, cash equivalents and investments $ 506,282 $ 412,405 $ 93,877 Net liquidity (1) 280,977 244,919 36,058 Share repurchase treasury stock, at cost 102,746 97,528 5,218 Project backlog 800,000 757,000 43,000 (1) Net liquidity, or working capital, is defined as total current assets less total current liabilities. David Watson, President and Chief Executive Officer of Argan, commented, “Our third quarter revenues and earnings, each the second highest in Company history, reflect strong execution across all of our businesses, which drove consolidated revenues growth of 57% to $257 million, gross margin of 17.2%, net income of $28.0 million, or $2.00 per diluted share, and EBITDA of $37.5 million. Our power industry services segment had a particularly strong quarter as evidenced by revenue growth of 75% to $212 million with gross margin of 18.3%, demonstrating our ability to drive enhanced profitability on our renewable as well as on our natural gas projects. “Our backlog of $0.8 billion at the close of the quarter increased 6% compared to backlog entering fiscal year 2025, and includes $478 million of renewable projects, reflecting the market appeal of our energy agnostic capabilities and our ability to diversify our backlog mix. The industry is seeing strong demand for natural gas projects and we believe that our expertise, well-established industry relationships and reputation for enabling efficient and on-budget project completion provide a competitive advantage as we pursue new opportunities. “As we move through the close of our fiscal year, we are encouraged by the strengthening pipeline of planned energy facilities as the industry prepares for the anticipated unprecedented growth in power demand driven by data centers, reshoring of manufacturing operations and increased EV charger utilization. We believe our successful track record as an effective partner in the construction of both traditional and renewable power facilities position us well to capitalize on the current and future need for high quality energy resources to support the power grid.” Third Quarter Results Consolidated revenues for the quarter ended October 31, 2024 were $257.0 million, an increase of $93.3 million, or 57%, from consolidated revenues of $163.8 million reported for the comparable prior year quarter. The Company achieved increased revenues with heightened quarterly construction activities at several projects, including the Midwest Solar and Battery Projects; the Trumbull Energy Center, a large combined cycle, gas-fired power plant under construction near Lordstown, Ohio; the 405 MW Midwest Solar Project; and the Louisiana LNG Facility. The overall increase in consolidated revenues between quarters was partially offset by decreased construction revenues associated with the Guernsey Power Station project, the Shannonbridge Power Project and the ESB FlexGen Peaker Plants, as those projects have been completed. For the quarter ended October 31, 2024, Argan’s consolidated gross profit was approximately $44.3 million, or 17.2% of consolidated revenues, reflecting profit contributions from all three reportable business segments. The consolidated gross margin for the quarter reflects the changing mix of projects, strong execution and certain positive job closeouts. Last year, during the third quarter ended October 31, 2023, gross profit was negatively impacted by a loss on the Kilroot project, which reduced gross profit by approximately $10.7 million. Consolidated gross profit for the quarter ended October 31, 2023 was $19.2 million, or 11.7% of consolidated revenues. Selling, general and administrative expenses increased by $2.6 million to $14.0 million for the quarter ended October 31, 2024, from $11.4 million in the comparable prior year quarter. However, as a percentage of revenues, these expenses declined to 5.4% in the third quarter of fiscal 2025 as compared to 6.9% in the third quarter of fiscal 2024. Other income, net, for the three months ended October 31, 2024 was $6.6 million, which reflected income earned during the period on invested funds in the total amount of approximately $4.8 million. During the quarter ended October 31, 2024, the Company recorded income tax expense of $9.0 million, primarily due to consolidated pre-tax book income of $37.0 million. For the comparable period last year, the effective tax rate was higher primarily due to the unrecognized tax loss benefit related to the Kilroot project. For the quarter ended October 31, 2024, Argan achieved net income of $28.0 million, or $2.00 per diluted share, compared to $5.5 million, or $0.40 per diluted share, for last year’s third quarter. EBITDA for the quarter ended October 31, 2024 increased to $37.5 million compared to $12.2 million in the same quarter of last year. Argan maintained a substantial total balance of cash, cash equivalents and investments during the quarter. The total balances were $506.3 million and $412.4 million as of October 31 and January 31, 2024, respectively. Balance sheet net liquidity was $281.0 million at October 31, 2024 and $244.9 million at January 31, 2024; furthermore, the Company had no debt. First Nine Months Results Consolidated revenues for the nine months ended October 31, 2024 were $641.7 million, an increase of $232.9 million, or 57.0%, from consolidated revenues of $408.8 million reported for the comparable prior year period. For the nine months ended October 31, 2024, consolidated gross profit increased to approximately $93.4 million, which represented a consolidated gross margin of 14.6%, compared to consolidated gross profit of $57.2 million, or consolidated gross margin of 14.0%, reported for the nine months ended October 31, 2023. The gross profit percentage increased between periods primarily due to the changing mix of projects and contract types. Additionally, during the nine-month periods ended October 31, 2024 and 2023, gross profit was negatively impacted by a loss recorded on the Kilroot Project, which reduced gross profit by approximately $2.6 million and $11.5 million, respectively. Selling, general and administrative expenses increased by $5.4 million to $37.8 million for the nine months ended October 31, 2024, from $32.5 million in the comparable prior year period. However, as a percentage of revenues, these expenses declined to 5.9% from 7.9% between the periods. Other income, net, for the nine months ended October 31, 2024 was $17.0 million, which reflected income earned during the period on invested funds of approximately $14.0 million, as the weighted average balances of investments are meaningfully higher this year. The Company recorded income tax expense of $18.5 million for the nine months ended October 31, 2024 primarily due to corresponding consolidated pre-tax book income of $72.6 million. For the comparable period last year, the effective tax rate was higher primarily due to the unrecognized tax loss benefit related to the Kilroot project. For the nine months ended October 31, 2024, Argan achieved net income of $54.1 million, or $3.91 per diluted share, versus net income of $20.3 million, or $1.50 per diluted share, for last year’s comparable period. EBITDA for the nine months ended October 31, 2024 was $74.2 million compared to $33.8 million in the same period of last year. Conference Call and Webcast Argan will host a conference call and webcast for investors today, December 5, 2024, at 5:00 p.m. ET. Domestic stockholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011; all callers shall use access code: 925404. The call and the accompanying slide deck will also be webcast at: https://www.webcaster4.com/webcast/page/2961/51625 The conference call and slide deck may also be accessed via the Investor Center section of the Company’s website at https://arganinc.com/investor-center . Please allow extra time prior to the call to visit the site. A replay of the teleconference will be available until December 19, 2024, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 51625. A replay of the webcast can be accessed until December 5, 2025. About Argan Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services. Non-GAAP Financial Measures The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Within this press release, the Company makes reference to earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure. The Company believes that the non-GAAP financial measure described in this press release is important to management and investors because the measure supplements the understanding of Argan’s ongoing operating results, excluding the effects of capital structure, depreciation, amortization, and income tax rates. The non-GAAP financial measure referred to above should be considered in conjunction with, and not as a substitute for, the GAAP financial information presented in this press release. Financial tables at the end of this press release provide a reconciliation of the non-GAAP financial measures to the comparable GAAP measures. Safe Harbor Statement Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, the Company’s ability to successfully complete the projects that it obtains, and the Company’s effectiveness in mitigating future losses related to the Kilroot loss contract. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings. ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended October 31, October 31, 2024 2023 2024 2023 REVENUES $ 257,008 $ 163,755 $ 641,705 $ 408,779 Cost of revenues 212,681 144,520 548,329 351,578 GROSS PROFIT 44,327 19,235 93,376 57,201 Selling, general and administrative expenses 13,995 11,375 37,848 32,467 INCOME FROM OPERATIONS 30,332 7,860 55,528 24,734 Other income, net 6,646 3,733 17,044 7,222 INCOME BEFORE INCOME TAXES 36,978 11,593 72,572 31,956 Income tax expense 8,968 6,129 18,482 11,616 NET INCOME 28,010 5,464 54,090 20,340 OTHER COMPREHENSIVE INCOME, NET OF TAXES Foreign currency translation adjustments (957 ) (882 ) (1,933 ) (627 ) Net unrealized losses on available-for-sale securities (659 ) (427 ) (169 ) (1,147 ) COMPREHENSIVE INCOME $ 26,394 $ 4,155 $ 51,988 $ 18,566 NET INCOME PER SHARE Basic $ 2.07 $ 0.41 $ 4.04 $ 1.52 Diluted $ 2.00 $ 0.40 $ 3.91 $ 1.50 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 13,530 13,328 13,398 13,381 Diluted 14,034 13,559 13,830 13,549 CASH DIVIDENDS PER SHARE $ 0.375 $ 0.300 $ 0.975 $ 0.800 ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) October 31, January 31, 2024 2024 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 175,349 $ 197,032 Investments 330,933 215,373 Accounts receivable, net 131,660 47,326 Contract assets 44,620 48,189 Other current assets 34,579 39,259 TOTAL CURRENT ASSETS 717,141 547,179 Property, plant and equipment, net 14,147 11,021 Goodwill 28,033 28,033 Intangible assets, net 1,924 2,217 Deferred taxes, net 1,254 2,259 Right-of-use and other assets 6,365 7,520 TOTAL ASSETS $ 768,864 $ 598,229 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 87,085 $ 39,485 Accrued expenses 78,393 81,721 Contract liabilities 270,686 181,054 TOTAL CURRENT LIABILITIES 436,164 302,260 Noncurrent liabilities 3,996 5,030 TOTAL LIABILITIES 440,160 307,290 STOCKHOLDERS’ EQUITY Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding — — Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,828,289 shares issued; 13,569,104 and 13,242,520 shares outstanding at October 31, 2024 and January 31, 2024, respectively 2,374 2,374 Additional paid-in capital 168,441 164,183 Retained earnings 266,334 225,507 Treasury stock, at cost – 2,259,185 and 2,585,769 shares at October 31, 2024 and January 31, 2024, respectively (102,746 ) (97,528 ) Accumulated other comprehensive loss (5,699 ) (3,597 ) TOTAL STOCKHOLDERS’ EQUITY 328,704 290,939 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 768,864 $ 598,229 ARGAN, INC. AND SUBSIDIARIES RECONCILIATION TO EBITDA (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Net income, as reported $ 28,010 $ 5,464 Income tax expense 8,968 6,129 Depreciation 433 489 Amortization of intangible assets 98 98 EBITDA $ 37,509 $ 12,180 Nine Months Ended October 31, 2024 2023 Net income, as reported $ 54,090 $ 20,340 Income tax expense 18,482 11,616 Depreciation 1,376 1,524 Amortization of intangible assets 293 294 EBITDA $ 74,241 $ 33,774 View source version on businesswire.com : https://www.businesswire.com/news/home/20241205082200/en/ CONTACT: Company: David Watson 301.315.0027 Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations 203.972.9200 argan@imsinvestorrelations.com KEYWORD: EUROPE UNITED STATES UNITED KINGDOM NORTH AMERICA MARYLAND INDUSTRY KEYWORD: OTHER ENERGY SUSTAINABILITY ALTERNATIVE ENERGY ENERGY TECHNOLOGY OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY ENVIRONMENT OTHER COMMUNICATIONS ENGINEERING COMMUNICATIONS TELECOMMUNICATIONS MANUFACTURING SOURCE: Argan, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:05 PM http://www.businesswire.com/news/home/20241205082200/en Copyright Business Wire 2024.NEW YORK (AP) — A gunman killed UnitedHealthcare’s CEO on Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive search for the fleeing assailant hours before the annual Rockefeller Center Christmas tree lighting nearby. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire , New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows someone emerging from behind a parked car, pointing a gun at Thompson’s back, then firing multiple times from several feet away. The gunman continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. He then walks past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. Thompson was shot at least once in the back and once in the calf, Tisch said. The shooter, who wore a jacket, face mask and large backpack, fled through Midtown on foot before pedaling an electric bike into Central Park a few blocks away, police said. The assailant remained at large Wednesday afternoon, sparking a search that included police drones, helicopters and dogs. “Brian was a highly respected colleague and friend to all who worked with him,” the insurer’s Minnetonka, Minnesota-based parent company, UnitedHealth Group Inc., said in a statement. "We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.” Police issued a poster showing a surveillance image of the man pointing what appeared to be a gun and another image that appeared to show the same person on a bicycle. Minutes before the shooting, he stopped at a nearby Starbucks, according to additional surveillance photos released by police on Wednesday afternoon. They offered a reward of up to $10,000 for information leading to an arrest and conviction. Thompson’s wife, Paulette Thompson, told NBC News that he told her “there were some people that had been threatening him.” She didn’t have details but suggested the threats may have involved issues with insurance coverage. Eric Werner, the police chief in the Minneapolis suburb where Thompson lived, said his department had not received any reports of threats against the executive. The killing shook a part of New York City that's normally quiet at that hour, happening about four blocks from where tens of thousands of people were set to gather for Wednesday night’s tree lighting. Police promised extra security for the event. The hotel is also a short walk from other tourist sites, including the Museum of Modern Art and Radio City Music Hall, and is often dense with office workers and visitors on weekday mornings. Many security cameras are nearby. “We’re encouraging New Yorkers to go about their daily lives and their daily business but to be alert,” NYPD Chief of Department Jeffrey Maddrey said. Investigators recovered several 9 mm shell casings from outside the hotel and a cellphone from the alleyway through which the shooter fled. They were also searching Thompson's hotel room, interviewing his UnitedHealthcare colleagues and reviewing his social media, Kenny said. Police initially said the bicycle the shooter used to ride into Central Park came from the city’s bike-share program, CitiBike. But a spokesperson for Lyft, which operates the program, said they were informed by department officials Wednesday afternoon that the bike was not from the CitiBike fleet. Health care giant UnitedHealth Group was holding its annual meeting with investors to update Wall Street on the company's direction and expectations for the coming year. The company ended the conference early in the wake of Thompson's death. “I’m afraid that we — some of you may know we’re dealing with a very serious medical situation with one of our team members,” a company official told attendees, according to a transcript. “And as a result, I’m afraid we’re going to have to bring to a close the event today. ... I’m sure you’ll understand.” Thompson, a father of two sons, had been with the company since 2004 and served as CEO for more than three years. UnitedHealthcare is the largest provider of Medicare Advantage plans in the U.S. and manages health insurance coverage for employers and state-and federally funded Medicaid programs. Minnesota Gov. Tim Walz posted on the social platform X that the state is “sending our prayers to Brian’s family and the UnitedHealthcare team.” “This is horrifying news and a terrible loss for the business and health care community in Minnesota,” the Democrat wrote. Associated Press writers Tom Murphy in Indianapolis, Steve Karnowski in St. Paul, Minnesota, and Anthony Izaguirre in Albany, New York, contributed to this story.
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LOS ANGELES — The Los Angeles Rams beat a current Super Bowl contender and last year's NFC champions in a five-day span, and they did it in two games so different that they scarcely looked like the same sport. But after scoring six touchdowns to outlast Buffalo 44-42 and kicking four field goals to beat San Francisco 12-6 in this memorable short week, the Rams (8-6) firmly control their destiny in the NFC West. With seven wins in nine games, Los Angeles has nearly caught the Seahawks (8-5), who will visit SoFi Stadium next month after the Rams beat them in overtime in Seattle last month. The Rams are also looming in the NFC wild-card race, right behind Washington (8-5). Coach Sean McVay will have plenty to dissect about his defense's struggles against the Bills and his offense's woes in Santa Clara, but the scoreboard reflects his overall optimism about the Rams' direction. “It says a lot about our team to be able to figure out different ways,” McVay said Monday. “Would you like to be able to put together complete performances where we play well on offense, on defense and the kicking game? Yeah, of course, but the enemy has a say, and this league is difficult. What I do like is that our team plays off of each other well enough to ultimately be able to find a way, and I think there is something to be said for learning how to be able to win, especially with the youth of this group.” The Rams went into their bye week at 1-4, and a team that didn't get above .500 this season until last weekend now has a chance to reach the playoffs for the sixth time in McVay's eight years in charge. What's not so encouraging is their profound struggles on each side of the ball in successive weeks. Los Angeles Rams wide receiver Puka Nacua (17) reacts after catching a pass against the San Francisco 49ers during the second half of an NFL football game in Santa Clara, Calif., Thursday, Dec. 12, 2024. Credit: AP/Godofredo A. Vásquez Against the Bills, Los Angeles gave up 445 yards. Against the 49ers, Los Angeles didn't score a touchdown while gaining 302 yards — but just 94 in the first three quarters. On the bright side offensively, the Rams have established a steady ground game with a healthy offensive line and Kyren Williams, who has rushed for 299 yards and three TDs in the past three games. That line also didn't allow Matthew Stafford to be sacked in the Rams' last two wins. What's working Nose tackle Kobie Turner was at his game-wrecking best, recording two sacks and five tackles. He also applied the pressure that led to Brock Purdy's overthrow and Darious Williams' interception in the fourth quarter. Turner is already an elite defensive lineman in his second NFL season, even drawing double teams just as Aaron Donald did for years. What needs help The offense that was so effective against Buffalo was poor in the Santa Clara rain, driving into Niners territory only once in the first three quarters. The unit then struggled in the red zone, failing to score a touchdown on three drives inside the Niners 11 in the fourth quarter. Los Angeles remains in the bottom half of the NFL in red-zone touchdown efficiency. Los Angeles Rams quarterback Matthew Stafford (9) passes the ball while pressured by San Francisco 49ers defensive end Yetur Gross-Matos during the second half of an NFL football game in Santa Clara, Calif., Thursday, Dec. 12, 2024. Credit: AP/Godofredo A. Vásquez Stock up Tight end Tyler Higbee is expected to make his season debut next weekend against the Jets, McVay said. The most productive tight end in Rams history tore ligaments in his knee during last season's playoff loss in Detroit, but the nine-year veteran returned to practice last month. Tight ends Colby Parkinson and Hunter Long combined for four catches at San Francisco. Stock down Cooper Kupp didn’t have a reception for only the third time in his NFL career. That wasn’t the Super Bowl 56 MVP’s fault, McVay said, instead pointing to several factors that kept the ball out of his hands on three targets — two on the opening drive. Stafford completed only 16 passes in the South Bay rain, and just eight went to wideouts. “(Kupp) contributed in other ways,” McVay said. “I thought he had some key blocks at the point of attack. He did have a way of impacting the game, but when you only throw for 160 yards, there were some reasons.” McVay cited his own play-calling, the rain and LA’s 4-for-15 struggles on third down as limitations on Kupp’s performance. The Rams must keep Kupp involved and diversify their passing attack beyond Puka Nacua to have much chance against top defenses in the postseason. Injuries OLB Nick Hampton is out for the season with a torn pectoral muscle. Key number 8-1 — McVay's record in Thursday games on short rest. Next steps The Rams will be rested for a potential trap game at the New York Jets on Dec. 22. They can't afford to overlook an opponent playing out the string before LA's visits from NFC West rivals Arizona and Seattle.
The United States saw an 18.1% increase in homelessness this year, a dramatic rise driven mostly by a lack of affordable housing as well as devastating natural disasters and a surge of migrants in several parts of the country, federal officials said Friday. The U.S. Department of Housing and Urban Development said federally required tallies taken across the country in January found more than 770,000 people were counted as homeless — a number that misses some people and does not include those staying with friends or family because they don't have a place of their own. That increase comes on top of a 12% increase in 2023, which HUD blamed on soaring rents and the end of COVID-19 pandemic assistance. The 2023 increase also was driven by people experiencing homelessness for the first time. The numbers overall represent 23 of every 10,000 people in the U.S., with Black people being overrepresented among the homeless population. A man walks past a homeless encampment Oct. 25, 2023, in downtown Los Angeles. "No American should face homelessness, and the Biden-Harris Administration is committed to ensuring every family has access to the affordable, safe, and quality housing they deserve," HUD Agency Head Adrianne Todman said in a statement, adding that the focus should remain on "evidence-based efforts to prevent and end homelessness." Among the most concerning trends was a nearly 40% rise in family homelessness — one of the areas that was most affected by the arrival of migrants in big cities. Family homelessness more than doubled in 13 communities impacted by migrants including Denver, Chicago and New York City, according to HUD, while it rose less than 8% in the remaining 373 communities. Almost 150,000 children experienced homelessness on a single night in 2024, reflecting a 33% jump from last year. Disasters also played a part in the rise in the count, especially last year's catastrophic Maui wildfire, the deadliest U.S. wildfire in more than a century. More than 5,200 people were in emergency shelters in Hawaii on the night of the count. Louisiana Wildlife and Fisheries agents assist state police as they order people living in a homeless encampment to move to a different designated location during a sweep ahead of a Taylor Swift concert in New Orleans. "Increased homelessness is the tragic, yet predictable, consequence of underinvesting in the resources and protections that help people find and maintain safe, affordable housing," Renee Willis, incoming interim CEO of the National Low Income Housing Coalition, said in a statement. "As advocates, researchers, and people with lived experience have warned, the number of people experiencing homelessness continues to increase as more people struggle to afford sky-high housing costs." Robert Marbut Jr., the former executive director of the U.S. Interagency Council on Homelessness from 2019 to 2021, called the nearly 33% increase in homelessness over the past four years "disgraceful" and said the federal government needs to abandon efforts to prioritize permanent housing. "We need to focus on treatment of substance use and mental illness, and bring back program requirements, like job training," Marbut said in an email. The numbers also come as increasing numbers of communities are taking a hard line against homelessness. People living in a homeless encampment pick up belongings Oct. 23 after Louisiana State Police ordered them to move to a different designated location during a sweep ahead of a Taylor Swift concert in New Orleans. Angered by often dangerous and dirty tent camps, communities — especially in Western states — have enforced bans on camping. That follows a 6-3 ruling this summer by the Supreme Court that found outdoor sleeping bans don’t violate the Eighth Amendment. Homeless advocates argued that punishing people who need a place to sleep would criminalize homelessness. There was some positive news in the count, as homelessness among veterans continued to trend downward. Homelessness among veterans dropped 8% to 32,882 in 2024. It was an even larger decrease for unsheltered veterans, declining 11% to 13,851 in 2024. "The reduction in veteran homelessness offers us a clear roadmap for addressing homelessness on a larger scale," Ann Oliva, CEO of the National Alliance to End Homelessness, said in a statement. "With bipartisan support, adequate funding, and smart policy solutions, we can replicate this success and reduce homelessness nationwide. Federal investments are critical in tackling the country's housing affordability crisis and ensuring that every American has access to safe, stable housing." Several large cities had success bringing down their homeless numbers. Dallas, which worked to overhaul its homeless system, saw a 16% drop in its numbers between 2022 to 2024. Los Angeles, which increased housing for the homeless, saw a drop of 5% in unsheltered homelessness since 2023. A rat sniffs the hand of a sleeping man experiencing homelessness Dec. 18 in downtown Los Angeles. California, the most populous state in the U.S., continued to have the nation's largest homeless population, followed by New York, Washington, Florida and Massachusetts. The sharp increase in the homeless population over the past two years contrasts with success the U.S. had for more than a decade. Going back to the first 2007 survey, the U.S. made steady progress for about a decade in reducing the homeless population as the government focused particularly on increasing investments to get veterans into housing. The number of homeless people dropped from about 637,000 in 2010 to about 554,000 in 2017. The numbers ticked up to about 580,000 in the 2020 count and held relatively steady over the next two years as Congress responded to the COVID-19 pandemic with emergency rental assistance, stimulus payments, aid to states and local governments and a temporary eviction moratorium. Homelessness is intertwined with the cost of living, and the high cost of living is hitting older adults fairly hard. A Westat survey for the Department of Health and Human Services found that older adults are the fastest-growing cohort of the homeless population. Emergency housing for seniors can keep that number from climbing higher. Caring.com details how to access it. The number of homeless seniors isn't based solely on people remaining homeless as they age; it also includes those whose first experience with homelessness came after they turned 50. In 2023, The U.S. Department of Housing and Urban Development (HUD) reported that 1 in 5 homeless people were over the age of 55. For seniors and other older adults, fixed incomes make it hard to battle the ever-increasing cost of expenses. Endhomelessness.org cites that 2.35 million older adults are paying over half of their limited income to rent. Based on Caring.com's July 2024 survey of seniors in the workforce , that's exactly why 1 in 15 retired seniors worry about losing their homes. Shelter use in homeless people older than 51 has gone up over 10% from 2007 to 2017, according to the HUD. But luckily, so has the number of shelters. Between 2022 and 2023, the HUD reports that emergency shelters added 28,760 more beds in emergency shelters, though this is a reduction in the amount of beds available during the thick of the COVID-19 pandemic. Emergency homeless assistance, or emergency housing, is a temporary solution. It's designed to provide shelter while those facing housing instability figure out their next step. Emergency housing for homeless seniors gives someone the immediate ability to remain housed and safely sheltered. Local nonprofits are often involved in placing people experiencing homelessness or housing instability into emergency shelters. Low-income seniors, seniors who are low on funds and might not make rent, or seniors who need to leave their homes for other reasons can use emergency housing. Many cities have their own emergency housing programs. There are also nationwide programs that provide emergency housing for seniors. The internet is the fastest tool for locating local emergency housing. Libraries have free internet access, for those who might not have a computer or Wi-Fi to begin their search. The list below leads to websites that include phone numbers for emergency homeless assistance. Seniors in need of immediate assistance and resources should call 2-1-1 or contact the United Way online . The 2-1-1 crisis hotline partners with United Way, which is committed to helping homeless seniors find local shelters or access transitional housing. The service can also connect seniors with other resources, including food, mental health support, or funding for health care expenses. Calling 2-1-1 is often required as a prerequisite before trying to get into a shelter or obtaining other assistance. Because 2-1-1 is for people in crisis, there are no eligibility requirements. However, some programs seniors may access through 2-1-1 do have eligibility requirements. Seniors can simply dial 2-1-1 from nearly anywhere in the U.S. to be put in touch with the programs and resources they need. Designed specifically for seniors, people with disabilities, and low-income families, the Housing Choice Voucher Program is a federal program offering low-income housing options and rent assistance. These vouchers are available through your local public housing agency (PHA). This program enables and encourages participants to choose their own housing. Housing options don't need to be a part of subsidized housing projects, but there are limits on unit size. Typically, participants must pay 30% of their monthly adjusted income towards their rent, and the voucher program pays the remainder. Applicant income and family size help the PHA determine eligibility. Citizenship and eligible immigration status also play a factor. The family's income cannot exceed 50% of the median income for the county or metropolitan area where they're applying to live. Of the vouchers, 75% must go to people whose income is at or less than 30% of their area's median income. Contact your local public housing agency . The Section 202 program helps expand the supply of affordable housing with supportive services for seniors. This program gives low-income seniors options that allow them to live independently, with support for cooking, cleaning, transportation, etc. This program is open to any very low-income household that has at least one person 62 years old or older. Applicants must submit an application in response to a Notice of Funding Availability (NOFA) posted on Grants.gov . The HUD-VASH program was created as emergency homeless assistance for veterans. Its goal is to give homeless veterans access to permanent housing through public housing authorities. Veterans receive rental assistance through the HUD Housing Choice Voucher program and additional case management services through the VA. By December 2023, the HUD had allocated nearly 112,000 vouchers to help house veterans nationwide. To help veterans achieve stability and remain housed, VA case managers may connect veterans with support services such as health care, mental health treatment, and substance use counseling. If you or your loved one is a low-income senior with eligible military service, you may apply. Your local VA can tell you if your service qualifies you for HUD-VASH. Senior veterans may apply online or call (877) 424-3838. Click here to learn more about the emergency housing options for seniors available in your state. Low-income seniors who aren't in assisted living or independent living communities might find themselves facing housing instability. Emergency housing for seniors can help you or your loved one seek shelter. Crisis hotlines and public housing agencies can offer support. Finding emergency housing for seniors depends heavily on your area. The first step is to call the Crisis Hotline at 2-1-1. Finding a shelter takes less time than applying and getting approved for low-income housing voucher programs. The 2-1-1 hotline can direct you to local resources and locators. Yes and no. The duration depends on the type of housing. Shelters have limits that vary. Some shelters allow people to stay for up to six months, though that can vary based on demand. Seniors can remain in Section 202 supportive housing as long as they meet age and income requirements. Yes. Many counties have financial emergency programs that help seniors handle home repairs or short-term financial crises like utility shutoff. These programs allow the senior to focus their funds on their rent or mortgage. This story was produced by Caring.com and reviewed and distributed by Stacker Media. Stay up-to-date on the latest in local and national government and political topics with our newsletter.Stock market today: Wall Street slips as technology stocks drag on the marketUS homelessness up 18% as affordable housing remains out of reach for many people
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