Total construction starts rose 17% in July to a seasonally adjusted annual rate of $1.2 trillion, according to Dodge Construction Network. Nonbuilding starts drove the increase, rising 38%, due to the start of a singular large LNG facility. Residential starts rose 20%, while nonresidential building starts lost 6%.
Read MoreCategory: Industry Economics
Dodge Momentum Index Declines in July
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, declined 0.9% in July to 193.4 (2000=100) from the revised June reading of 195.1. Over the month, the commercial component of the DMI remained relatively flat, ticking down 0.2%, while the institutional component fell 1.9%. The DMI is a monthly measure of the initial report for nonresidential building projects in…
Read MoreGreat Lakes Limestone Shipments Down in June
Shipments of limestone on the Great Lakes totaled 3.1 million tons in June, a decrease of 17.6% from a year ago, according to the Lake Carriers’ Association. This June’s loadings were also below the month’s five-year average by 17.4%.
Read MoreConstruction Spending Ticks Upward; Highways Down Slightly
According to the U.S. Census Bureau, construction spending during June 2023 was estimated at a seasonally adjusted annual rate of $1,938.4 billion, 0.5% (±0.5%) above the revised May estimate of $1,929.6 billion. The June figure is 3.5% (±1.3%) above the June 2022 estimate of $1,873.2 billion. During the first six months of this year, construction spending amounted to $917.4 billion,…
Read MoreNew Home Sales Cool in June on Higher Mortgage Rates
Sales of newly built, single-family homes in June fell 2.5% to 697,000 seasonally adjusted annual rate from a downwardly revised reading in May, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. However, new home sales are up 23.8% from a year ago.It takes 400 tons of aggregates to construct…
Read MoreExisting Home Sales Down Again Amid Limited Inventory
Existing home sales in June fell to the lowest level since January as limited inventory and fluctuating mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR).
Read MoreTotal Construction Starts Dip in June
Total construction starts fell 9% in June to a seasonally adjusted annual rate of $1 trillion, according to Dodge Construction Network. Nonresidential starts led the downturn, falling 14%. Nonbuilding starts fell 9%, and residential starts lost 4%. Highway and bridge starts also gained 19%. Year-to-date through June 2023, total construction starts were 5% below that of 2022. While residential and…
Read MoreSingle-Family Starts Decline in June
Single-family housing starts fell back in June after four straight monthly gains as elevated construction costs and rising mortgage rates led to a reduction in home building activity and affordability conditions worsened for home buyers. It takes 400 tons of aggregates to construct the average modern home, according to the National Stone, Sand & Gravel Association. Overall housing in June decreased…
Read MoreUSGS: Phosphate Rock Production Higher in May
According to the U.S. Geological Survey, U.S. marketable phosphate rock production in May 2023 was estimated to be 1.86 million metric tons (Mt), which was 15% higher than that in April and 4% lower than that in May 2022. Total phosphate rock production in January through May was estimated to be 8.16 Mt, which was slightly higher than the revised amount…
Read MoreDodge Momentum Index Down 3% in June
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, declined 2.5% in June to 197.3 (2000=100) from the revised May reading of 202.4. Over the month, the commercial component of the DMI rose 3.1%, while the institutional component sunk 10.5%. “A deceleration in institutional planning caused the Momentum Index to decrease in June,” said Sarah Martin, associate director of…
Read More