Construction 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…

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Great 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…

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Rail 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…

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Dodge 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…

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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,…

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Single-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…

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New 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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Construction 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.…

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Rental 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,…

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