Total construction starts show double digit gains in July
Total construction starts rose 17 percent in July to a seasonally adjusted annual rate of $1.2 trillion, according to Dodge Construction Network.
Nonbuilding construction starts drove the increase, rising 38 percent, due to the start of a singular large LNG facility. Residential starts rose 20 percent, while nonresidential building starts lost 6 percent.
Year-to-date through July 2023, total construction starts were 7 percent below that of 2022. Residential and nonresidential building starts were down 21 percent and 7 percent respectively; however, nonbuilding starts were up 20 percent on a year-to-date basis. For the 12 months ending July 2023, total construction starts were 3 percent higher than that of 2022. Nonbuilding starts were 21 percent higher, and nonresidential building starts gained 16 percent. Conversely, on a 12-month rolling basis, residential starts posted a 17 percent decline overall.
“Construction starts have plateaued and are making little h