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…
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Construction 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…
Read MoreConstruction Starts Drop, Highways Rise in October
Total construction starts fell 7% in October to a seasonally adjusted annual rate of $1.1 trillion, according to Dodge Construction Network. Nonbuilding and residential starts fell 32% and 1%, respectively. Conversely, nonresidential building starts gained 8% during the month. Highway and bridge starts improved 6% in October. Year-to-date through October 2023, total construction starts were 4% below that of 2022.…
Read MoreRental Revenue Projections Increase in United States, Canada
In its updated forecast, the American Rental Association (ARA) indicated that the United States equipment rental industry’s growth will soften but still grow. Last quarter, the year-over-year growth was expected to be 7.6% in 2023 and 3.1% in 2024. The most current projections indicate 11.8% growth in 2023 totaling $71.5 billion in construction and general tool rental revenue. As for 2024,…
Read MoreDodge Momentum Index Inches Up 1% in October
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 1% in October to 181.7 (2000=100) from the revised September reading of 180.3. Over the month, the commercial component of the DMI rose 2.0%, while the institutional component retreated 1.4%.
Read MoreConstruction Spending Rises in September
According to the U.S. Census Bureau, construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4% (±1.2%) above the revised August estimate of $1,988.3 billion.
Read MoreLack of Resales Boost New Home Sales in September
Sales of newly built, single-family homes in September increased 12.3% to a 759,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in September was up 33.9% from a year ago.It takes 400 tons of aggregates to construct the average…
Read MoreSingle-Family Starts Post Unexpected Gain in September
Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market. Overall housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing…
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