Construction Starts Fall 19% in June
July 25, 2024
Total construction starts lost 19% in June, falling to a seasonally adjusted annual rate of $1.0 trillion, according to Dodge Construction Network. Much of the decline was due to a stark decline in utility/gas starts following a strong May that saw several megaprojects get underway. During the month, nonbuilding starts fell 46% (following a 49% gain in May), while nonresidential starts fell 13%. Residential starts rose 9% during the month. On a year-to-date basis through June, total construction starts were up 7% from the first six months of 2023. Residential starts were up 14%, while nonbuilding starts gained 8%, and nonresidential building starts rose 1%.
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