Nonbuilding Construction and Nonresidential Building Slide After Sharp Gains in March
NEW YORK – May 22, 2019 – The value of new construction starts in April fell 15% to a seasonally adjusted annual rate of $685.2 billion, pulling back following the 16% hike that was reported in March, according to Dodge Data & Analytics. Steep declines were registered by two of the three main construction sectors. Nonbuilding construction, which is comprised of public works and electric utilities/gas plants, plunged 31% from its elevated March amount which was lifted by the start of the $4.3 billion Calcasieu Pass liquefied natural gas (LNG) export terminal in Cameron LA. Nonresidential building fell 18% in April after being boosted in March by groundbreaking for the $1.6 billion Toyota-Mazda automotive manufacturing facility in Huntsville AL, among other large projects. Nonresidential building in April did receive support from the start of the $1.3 billion new airport terminal project at Kansas City International Airport. Meanwhile, residential building in April decreased 1%, as a modest rebound for multifamily housing was outweighed by further slippage for single family housing. During the first four months of 2019, total construction starts on an unadjusted basis were $224.5 billion, down 8% from the same period of 2018. On a twelve-month moving total basis, total construction starts for the twelve months ending April 2019 held steady with the corresponding amount for the twelve months ending April 2018.
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