Dodge Construction Starts in July Up 4% Over a Year Ago
Construction starts through the first seven months of this year are up 4% over the same period in 2013, according to McGraw Hill Construction Dodge. Through July, Dodge reports $312 billion in new construction starts, with the biggest boost coming from a 13% hike in non-residential building starts. "The construction expansion is getting more of a contribution from non-residential building," says Robert Murray, Dodge's chief economist. "Manufacturing-plant construction is seeing the start of numerous chemical- and energy-related projects, consistent with the nation's growing energy sector," he adds. Further, commercial building is maintaining its upward momentum, while the institutional- building sector appears to be stabilizing after a lengthy decline, Murray says. The strong non-residential market has offset the weaker-than-expected residential market, which is up just 5%.