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…
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ARA 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.
Read MoreSingle-Family Starts Fall to Two-Year Low
Increased interest rates, building material supply chain bottlenecks and elevated construction costs continue to put a damper on the single-family housing market. For the first time since June 2020, both single-family starts and permits fell below a 1 million annual pace.
Read MoreNew Home Sales Tumble
New home sales in June fell to the lowest level since April 2020, reflecting declining builder sentiment as construction bottlenecks continue to slow new home building and raise housing costs.
Read MoreTotal Construction Starts Slide 5% in June
Total construction starts fell 5% in June to a seasonally adjusted annual rate of $932.3 billion, according to Dodge Construction Network. Nonresidential building starts lost 14% during the month and residential was 6% lower. On the contrary, nonbuilding starts gained 13% in June due to the start of several large solar projects.
Read MoreConstruction Spending Flat in May
The U.S. Census Bureau announced that construction spending during May 2022 was estimated at a seasonally adjusted annual rate of $1,779.8 billion, 0.1% (±0.8%) below the revised April estimate of $1,782.5 billion. The May figure is 9.7% (±1.3%) above the May 2021 estimate of $1,621.9 billion.
Read MoreRising Interest Rates, Higher Construction Costs Slow Housing Production
Rising interest rates and ongoing building material supply chain disruptions that raise construction costs continue to act as significant headwinds on the housing market.
Read MoreGreat Lakes-Seaway Cargo Rose by 7% in 2021
A new system-wide report from the Chamber of Marine Commerce shows that Great Lakes-St. Lawrence Seaway ships carried an estimated 149 million metric tons of cargo to and from domestic ports, and to overseas markets during the 2021 shipping season — an increase of 7% over pandemic-stricken 2020. Across the region, materials such as stone, cement and steel were in…
Read MoreTotal Construction Starts Increase in May
Total construction starts rose 4% in May to a seasonally adjusted annual rate of $979.5 billion, according to Dodge Construction Network. Nonresidential building starts rose 20%, while residential starts fell by 4% and nonbuilding lost 2% during the month. Highway and bridge starts were up slightly. Year-to-date, total construction was 6% higher in the first five months of 2022 compared…
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