Total construction starts fell 9% in August to a seasonally adjusted annual rate of $1.25 trillion, according to Dodge Construction Network. The decline, however, comes on the heels of a massive increase in July that saw the start of three large manufacturing plants and two LNG export facilities. In August, nonresidential building starts rose 7%, residential starts were 1% higher,…
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Single-Family Permits Decline
Over the first seven months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 645,877. On a year-over-year (YoY) basis, this is a 5.3% decline over the July 2021 level of 681,949. It takes 400 tons of aggregates to construct the average modern home, according to the National Stone, Sand & Gravel Association. Year-to-date ending in…
Read MoreDodge Construction Network Forecasts Steady Growth
A Dodge Construction Network forecast projects a steady environment despite higher interest rates, rising prices and shortages of key labor. The OUTLOOK event hosted by Chief Economist Richard Branch gave insight into the current and future trends in construction.
Read MoreDodge Momentum Index Falls
The Dodge Momentum Index (DMI) ticked down by 1.2% in August to 171.9 from the revised July figure of 174.0.
Read MoreConstruction Spending Down in July; Highways Up
The U.S. Census Bureau reported that construction spending during July 2022 was estimated at a seasonally adjusted annual rate of $1,777.3 billion, 0.4% (±0.8%) below the revised June estimate of $1,784.3 billion. The July figure is 8.5% (±1.3%) above the July 2021 estimate of $1,637.3 billion. During the first seven months of this year, construction spending amounted to $1,013.7 billion,…
Read MoreHousing Starts Weaken in July
A sharp decline in single-family home construction is another indicator that the housing slowdown is showing no signs of abating, as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act as a drag on the market. Overall housing starts fell 9.6% to a seasonally adjusted annual rate of 1.45 million units in July, according to a…
Read MoreNew Home Sales Fall to Lowest Pace in More than Six Years
In a further sign that the housing market continues to weaken, new home sales in July fell to their lowest level since January 2016. The tepid sales pace matches declining builder confidence since the beginning of the year as the industry grapples with supply chain disruptions that are delaying new home building projects and raising housing costs as mortgage interest…
Read MoreConstruction Starts, Highways Surge Higher in July
Total construction starts rose 48% in July to a seasonally adjusted annual rate of $1.36 trillion, according to Dodge Construction Network. This gain results from the start of three large manufacturing plants and two LNG export facilities. However, even without these projects, total construction starts would still have increased 7%. Nonresidential building starts rose 79% in July, and nonbuilding starts jumped 120%. Conversely, residential…
Read MoreARA Forecast Remains Bullish on Equipment Rental
Today’s economic indicators are mixed and uncertain, but all continue to point toward significant growth for equipment rental revenue in the United States, according to the latest quarterly update of the five-year forecast released by the American Rental Association (ARA).
Read MoreConstruction Spending Up Year-Over-Year; Highways Down
The U.S. Census Bureau reported that construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1% (±1.0%) below the revised May estimate of $1,781.9 billion. The June figure is 8.3%(±1.5%) above the June 2021 estimate of $1,628.0 billion.
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