June nonresidential construction starts slow by 24.7%
June’s nonresidential construction starts showed a month-to-month percentage change of -24.7% vs. May’s numbers as determined by Alex Carrick, chief economist for ConstructConnect.
The June volume of construction starts, excluding residential activity, was $39.8 billion, a month-to-month change of -24.7%.
The one-quarter drop, Carrick noted, was not due to market conditions, but rather the comparison of June vs. May suffered from the latter including Foxconn Technology’s $10 billion industrial plant in Wisconsin. June relative to May exclusive of that single mega project still was down, but only by 7.2%. The historical May-to-June change aided by favorable “seasonality,” has been +4.5%.
June 2018 vs. the same month last year was -6.3%. June 2018 vs. the five-year average for June from 2013 through 2017 was +3.2%.
Year-to-date starts in 2018, compared with first-half 2017 starts, have been -5.5%.