Sales of newly built, single-family homes in August fell 8.7% to a 675,000 seasonally adjusted annual rate from an upwardly revised reading in July, 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 August was up 5.8% from a year ago.
Read MoreCategory: Industry Economics
Construction Starts Increase in August; Highways Surge
Total construction starts rose 6% in August to a seasonally adjusted annual rate of $1.3 trillion, according to Dodge Construction Network. Nonresidential starts rose 40% thanks to a large pickup in manufacturing and transportation buildings. Residential and nonbuilding starts fell 1% and 14%, respectively. Highway and bridge starts jumped 19%. Year-to-date through August 2023, total construction starts were 5% below…
Read MoreConstruction Commodities See Increased Traffic on Great Lakes in August
Overall shipping activity for the Great Lakes in 2023 continues in lockstep with the previous year, with approximately 19.9 million tonnes of total cargo traffic traveling the seaway system for the year to date. In 2022, the total traffic to the end of August was 19.8 million tonnes. While there has been year to year variation in the traffic of…
Read MoreHousing Starts Lower on Rising Mortgage Rates
Higher mortgage rates averaging above 7% put a damper on single-family production in August, as builders also continue to face supply-side challenges in the form of elevated construction costs, a lack of skilled labor and a shortage of buildable lots. Led by a sharp decline in multifamily production, overall housing starts fell 11.3% in August to a seasonally adjusted annual…
Read MoreLarge Metro Markets Show Biggest Slowdown in Single-Family Construction
Rising mortgage rates and elevated construction costs have taken a toll on the pace of single-family construction in markets across the nation, with the slowdown most pronounced in large metro areas. Multifamily market growth also fell in most areas of the country, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI)…
Read MoreDodge Momentum Index Drops in August
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, declined 6.5% in August to 178.0 (2000=100) from the revised July reading of 190.3. Over the month, the commercial component of the DMI fell 1.6%, while the institutional component fell 14.8%. “Overall activity remains above historical norms, but weaker market fundamentals continue to undermine planning growth,” said Sarah Martin, associate…
Read MoreGreat Lakes Limestone Trade Up in July
Shipments of limestone on the Great Lakes totaled 4.2 million tons in July, an increase of 4.7% compared to a year ago. The trade was above the month’s five-year average by 6.6%.
Read MoreConstruction Spending Rises In July
Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7% (±0.5%) above the revised June estimate of $1,958.9 billion. The July figure is 5.5% (±1.2%) above the July 2022 estimate of $1,869.3 billion. During the first seven months of this year, construction spending amounted to $1,101.5 billion, 3.7% (±1.0%) above the $1,062.1 billion…
Read MoreNew Home Sales Increase in July
Low existing inventory and solid demand more than offset rising mortgage rates and elevated construction costs to boost new home sales last month. Sales of newly built, single-family homes in July increased 4.4% to a 714,000 seasonally adjusted annual rate from a downwardly revised reading in June, according to newly released data by the U.S. Department of Housing and Urban…
Read MoreSingle-Family Starts Edge Higher in July
A lack of existing inventory and solid demand helped offset rising mortgage rates and push single-family production higher in July, even as builders continue to grapple with elevated construction and financing costs as well as a lack of skilled labor.
Read More