b'Forthe12monthsendingJune2023,total nonbuilding starts were 34% higher than that of2022. Utility/gasplantstartsrose62%,andmiscellaneous nonbuildingstartswere45%higher.Highwayand bridge starts were up 25%, and environmental public works rose 24% on a 12-month rolling sum basis.Total Construction Starts Dip in JuneThelargestnonbuildingprojectstobreakgroundin June were the $2.6 billion Matterhorn Express Pipe-line in Texas, the $1.4 billion Buffalo Bills stadium in HAMILTON, NJ July 21, 2023Total construc- Orchard Park, New York, and the $930 million Bissell tionstartsfell9%inJunetoaseasonallyadjusted &LemaywastewatertreatmentplantinSt.Louis, annualrateof$1trillion,accordingtoDodgeMissouri. ConstructionNetwork.Nonresidentialstartsledthe downturn,falling14%.Nonbuildingstartsfell9%, and residential starts lost 4%. Nonresidential Nonresidential building starts shrank 14% in June to a Year-to-datethroughJune2023,totalconstructionseasonally adjusted annual rate of $348 billion follow-starts were 5% below that of 2022. While residentialinganaggressivegrowthinmanufacturingstartsin andnonresidentialstartsweredown24%and2%, May. Commercial starts fell 6% with gains in office respectively,nonbuildingstartsgained29%.Fortheandhoteloffsetbyapullbackinwarehousingand 12 months ending June 2023, total construction startsparkingstructures,whilemanufacturingstartslost were 9% higher than that of 2022. Nonbuilding starts67%.Institutionalstartsgained15%inJunedueto were34%higher,andnonresidentialbuildingstartshealthcareandairportterminalwork.Onayear-to-gained25%.However,ona12-monthrollingbasis,datebasisthroughJune,totalnonresidentialstarts residential starts posted a 17% decline overall.were 2% lower than that of 2022. Institutional starts gained9%,whilemanufacturingandcommercial starts fell 6% and 11%, respectively. Construction starts areoscillating up one month anddownthenext,saidRichardBranch,chiefeconomistforDodgeConstructionNetwork.TheForthe12monthsendingJune2023,totalnonresidentialbuildingstartswere25%higherthan presence,orabsence,ofmega-projectsisakey influencerinthistrend.Nevertheless,highinterestthatendingJune2022.Manufacturingstartswere rates and tightening lending standards are leading to76%higher,institutionalstartsimproved21%,and uncertainty among owners and developers, also creat- commercial starts gained 9%. inghesitationamongstakeholders,leadingthemtoThe largest nonresidential building projects to break carefullyassesswhetherprojectswillbreakground.ground in June were the $2.6 billion JetBlue Terminal These conditions will persist through the remainder of6atJFKairportinJamaica,NewYork,the$625 theyearmeaninglittleforwardmotioninfirstphaseoftheGlobiTechSemiconductor million construction starts.plant in Sherman, Texas, and a $558 million hospital tower at Strong Memorial Hospital in Rochester, New York. NonbuildingNonbuildingconstructionslipped9%inJunetoa seasonallyadjustedannualrateof$317billion.Residential Despite a strong showing in May, utility/gas plants fellResidentialbuildingstartsfell4%inJunetoa43%,andhighwayandbridgestartsdropped22%.seasonally adjusted annual rate of $344 billion. Single Conversely, environmental public works starts gainedfamily starts gained 8%. Multifamily starts lost 23%. 1%,andmiscellaneousnonbuildingstartsmorethanOnayear-to-datebasisthroughJune2023,totaldoubledduetothestartofalargestadiumproject.residential starts were down 24%. Single family starts Year-to-datethroughJune,nonbuildingstartsgainedwere27%lower,andmultifamilystartsweredown 29%. Utility/gas plants rose 61%, and miscellaneous17%. nonbuilding starts were up 60%. Highway and bridge startsalsogained19%,alongwithenvironmental Forthe12monthsendinginJune2023,residential public works rising 14%. starts were 17% lower than that of 2022. Single(continued to page 6) 5'