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).
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Total 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 MoreLimestone Trade Down in June
According to the Lake Carriers’ Association, shipments of limestone on the Great Lakes totaled 3.1 million tons in June, a decrease of 17.6% from a year ago. This June’s loadings were also below the month’s five-year average by 17.4%.
Read MoreConstruction Spending Rises in May, Highways Down
Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9% (±0.5%) above the revised April estimate of $1,909.0 billion. The May figure is 2.4% (±1.2%) above the May 2022 estimate of $1,880.9 billion. During the first five months of this year, construction spending amounted to $740.8 billion, 2.9% (±1.0%) above the $719.6 billion for the same period in 2022.
Read MoreNew Home Sales Jump in May
A lack of existing inventory coupled with solid consumer demand helped to boost new home sales in May to their highest level since February 2022. Sales of newly built, single-family homes in May increased 12.2% to a 763,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census…
Read MoreHousing Starts Post Solid Gain in May
Limited existing inventory combined with solid demand and improving supply chains helped push single-family starts to an 11-month high in May. Overall housing starts in May increased 21.7% to a seasonally adjusted annual rate of 1.63 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. It takes 400 tons…
Read MoreTotal Construction Starts Rebound in May
Total construction starts rose 8% in May to a seasonally adjusted annual rate of $1.11 trillion, according to Dodge Construction Network. Nonresidential starts rebounded following the decline in April, improving 8% thanks to a sizeable gain in manufacturing starts. During the month, nonbuilding starts improved by 24%, while residential lost 4%.
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