Strong multifamily production helped push overall housing starts up in August as single-family starts edged lower due to ongoing supply chain issues and labor challenges. Total starts increased 3.9% to a seasonally adjusted annual rate of 1.62 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
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Total Construction Starts Decline in August
Total construction starts fell 9% in August to a seasonally adjusted annual rate of $782.8 billion, according to Dodge Data & Analytics. All three sectors lost ground during the month: nonbuilding starts were down 2%, residential starts were 9% lower, and nonresidential building starts fell 13%.
Read MoreSt. Lawrence Seaway Cargo Volumes Rise
Demand for construction and manufacturing materials both domestically and internationally continued on the Great Lakes-St. Lawrence Seaway through August as shipments of iron ore, steel, cement and stone surged through the region.
Read MoreDodge Momentum Index Drops in August
The Dodge Momentum Index dropped 3% in August to 148.7 (2000=100) from the revised July reading of 154.0. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
Read MoreNew Single-Family Home Sales Rise
As the market has cooled due to higher costs, July recorded a slight gain of 1% for sales of newly constructed single-family homes, according to estimates from the Census Bureau and the Department of Housing and Urban Development.
Read MoreConstruction Spending Up in July
Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of $1,568.8 billion, 0.3% (±1.2%) above the revised June estimate of $1,563.4 billion. The July figure is 9.0% (±1.5%) above the July 2020 estimate of $1,439.6 billion.
Read MoreTotal Construction Starts Lower in July; Highways Up
Total construction starts fell 3% in July to a seasonally adjusted annual rate of $854.8 billion, according to Dodge Data & Analytics. There were few bright spots during the month, with all three sectors (residential, nonresidential building and nonbuilding) moving lower in July.
Read MoreDodge Momentum Index Dips in July
The Dodge Momentum Index fell to 155.8 (2000=100) in July, a 6% decline from the revised June reading of 164.9. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
Read MoreConstruction Spending Higher in June; Highways Down
The U.S. Census Bureau announced that construction spending during June 2021 was estimated at a seasonally adjusted annual rate of $1,552.2 billion, 0.1% (±1.2%) above the revised May estimate of $1,551.2 billion. The June figure is 8.2%(±1.3%) above the June 2020 estimate of $1,435.0 billion.
Read MorePCA: Cement Consumption Continues to Climb
The Portland Cement Association (PCA) Market Intelligence Group’s Senior Vice President and Chief Economist Ed Sullivan presented the association’s annual summer cement market outlook, predicting an increase in cement consumption over the next four years.
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