After a year in which the economy and starts slowed considerably, the coming year should provide a transition to stronger growth for construction, according to the Dodge Construction Network’s (DCN) Outlook 2024 economic report. In 2024, total construction starts are expected to gain 7% to $1.2 trillion after growth slowed to just 1% in 2023 (and was down 2% after…
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Construction Starts Hit 10-Month Low
Total construction starts fell 15% in November, dropping to a seasonally adjusted annual rate of $927 billion, according to Dodge Construction Network. Nonresidential building starts fell 29% during the month, residential starts lost 6%, and nonbuilding starts dropped 2%. Highway and bridge starts were down 8%. Year-to-date through November 2023, total construction starts lagged by 4% compared to the previous…
Read MoreSingle-Family Starts Surge on Falling Interest Rates
Single-family construction surged in November as lower mortgage rates helped to assuage affordability concerns and unleash pent-up demand for housing.
Read MoreConstruction Materials Prices Dip 0.3% in November; Aggregates Higher
Construction input prices decreased 0.3% in November compared to the previous month, according to an Associated Builders and Contractors (ABC) analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices decreased 0.3% for the month as well. Inputs to construction are still nearly 39% higher than at the start of the COVID-19 pandemic. Construction…
Read MoreGreat Lakes Limestone Trade Up 22.8% in November
Shipments of limestone on the Great Lakes totaled 3.1 million tons in November, an increase of 22.8% compared to a year ago. Limestone cargos were 7.3% above the month’s five-year average. Loadings from U.S. quarries increased 23.6% from 2022 to 2.6 million tons. Shipments from Canadian quarries totaled 536,912 tons, an increase of 19.2%. Year-to-date the limestone trade stands at nearly…
Read MoreRail Traffic for Aggregate Products Down in November
The Association of American Railroads (AAR) reported U.S. rail traffic volumes for November 2023. U.S. railroads originated 1,128,573 carloads in November 2023, down 0.0%, or 102 carloads, from November 2022. U.S. railroads also originated 1,279,906 containers and trailers in November 2023, up 5.0%, or 60,486 units, from the same month last year. Combined U.S. carload and intermodal originations in November…
Read MoreDodge Momentum Index Decreases 1% in November
The Dodge Momentum Index (DMI), issued by Dodge Construction Network (DCN), decreased 1% in November to 179.2 (2000=100) from the revised October reading of 181.7. Over the month, the commercial and institutional components both fell 1%. “While both portions of the Momentum Index saw slower momentum in planning, overall levels remain steady and will support construction spending in 2024 and…
Read MoreConstruction Spending Up Slightly in October
According to the U.S. Census Bureau, construction spending during October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6% (±1.0%) above the revised September estimate of $2,014.7 billion. The October figure is 10.7% (±1.6%) above the October 2022 estimate of $1,830.5 billion. During the first 10 months of this year, construction spending amounted to $1,646.0 billion,…
Read MoreSingle-Family Starts Flat in October
Single-family construction held steady in October as high mortgage rates depressed demand but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census…
Read MoreNew Home Sales Weaken in October
Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October. Sales of newly built, single-family homes in October fell 5.6% to a 679,000 seasonally adjusted annual rate, following a notable downward revision in September, according to newly released data by the U.S. Department…
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