Nonbuilding Construction and Nonresidential Building Rebound After a Weak April
NEW YORK – June 20, 2019 – At a seasonally adjusted annual rate of $757.0 billion, new construction starts in May climbed 10% from April, according to Dodge Data & Analytics. The increase continues the double-digit swings that were reported during the previous two months, when a 16% hike for total construction starts in March was followed by a 15% decline in April. Each of the three main construction sectors contributed to May’s 10% gain. Nonbuilding construction rebounded 32% after depressed activity in April, lifted by an especially strong amount of new power plant starts and an $800 million light rail project in the Minneapolis MN area. Nonresidential building improved 7%, supported by groundbreaking for two very large manufacturing plant projects. Residential building edged up 2%, with modest gains for both single family housing and multifamily housing. Through the first five months of 2019, total construction starts on an unadjusted basis were $295.0 billion, down 9% from the same period a year ago. On a twelve-month moving total basis, total construction starts for the twelve months ending May 2019 were 2% below the amount reported for the twelve months ending May 2018.
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Eric Becker | 104 West Partners | firstname.lastname@example.org
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