b'million Ryan Field Stadium at Northwestern University in Construction Starts Jump 10% in JulyEvanston, Illinois. BEDFORD, MA August 22, 2024TotalNonresidentialconstruction starts moved 10% higher in July to a seasonally adjusted annual rate of $1.1 trillion, accordingNonresidential building starts improved 25% in July to a to Dodge Construction Network. Nonresidentialseasonally adjusted annual rate of $445 billion. buildings and infrastructure starts performed stronglyManufacturing starts improved 33%, while commercial during the month, countering a decline in residentialstarts rose 30% due to increases in data center and hotel starts. During the month, nonresidential buildings rosestarts. Institutional starts gained 18% in July mostly due to 25% and infrastructure starts increased by 19%.a sharp increase in healthcare starts. On a year-to-date basis Residential starts fell 8% during the month. On a year-to- through July, total nonresidential starts were up 5%. date basis through July, total construction starts were upInstitutional starts were 13% higher, while commercial 6% from the first seven months of 2023. Residentialstarts were up 3%, and manufacturing starts were 12% starts were up 11%, nonresidential buildings rose 5%,lower on a year-to-date basis through July. and nonbuilding starts were flat.For the 12 months ending July 2024, nonresidential For the 12 months ending July 2024, total constructionbuilding starts were 1% lower than the previous 12 months. starts were up 3% from the 12 months ending July 2023.Manufacturing starts were down 19% and commercial starts Nonresidential building starts were down 1%, residentialwere down 5%, while institutional starts were 10% higher starts were up 7%, and nonbuilding starts were up 5% onfor the 12 months ending July 2024. a 12-month rolling sum basis. The largest nonresidential building projects to break Construction starts showed great promise in July, saidground in July were the $2.1 billion Novo Nordisk plant in Richard Branch, chief economist of Dodge ConstructionClayton, North Carolina, the $1.6 billion first phase of the Network. However, the short-term remains questionableAWS Amazon data center in Canton, Mississippi, and the due to high interest rates. The Federal Reserve is likely to$800 million Meta data center in Montgomery, Alabama. cut interest rates in September, which will, over time, make market conditions more conducive to movingResidentialprojects forward. In the meantime, construction startsResidential building starts lost 8% in July, falling to a will likely remain volatile over the next few months. seasonally adjusted annual rate of $365 billion. Single family starts shed 13% in the month, while multifamily Nonbuildingstarts rose 3%. On a year-to-date basis through seven months, total residential starts were 11% higher. Single family starts improved 22% and multifamily starts were 8% Nonbuilding construction starts rose 19% from June tolower on a year-to-date basis. July to a seasonally adjusted annual rate of $298 billion. All sectors increased during the month, with utility/gasFor the 12 months ending July 2024, residential starts were starts rebounding from a weak June and more than7% higher than the previous 12 months. Single family starts doubling in July. Highway and bridge starts rose 11%,were 17% higher, while multifamily starts were 9% lower environmental public works gained 8%, andon a 12-month rolling sum basis. miscellaneous nonbuilding starts were 1% higher. On a year-to-date basis through July total nonbuilding startsThe largest multifamily structures to break ground in were flat from a year ago. Environmental public worksJuly were the $300 million Music Row Albion apartment starts were 12% higher, miscellaneous nonbuilding startstowers in Nashville, Tennessee, the $254 million rose 5%, highway and bridge starts were 3% higher, butCommodore Perry apartments in Buffalo, New York, and utility/gas starts were down 16% through July.the $250 million One Tampa condominiums in Tampa, Florida. For the 12 months ending July 2024, total nonbuilding starts were 5% higher than the 12 months ending JulyRegionally, total construction starts in July rose in all 2023. Utility/gas starts were up 10%, environmentalregions. public works starts improved 6%, while highway and bridge starts and miscellaneous nonbuilding starts were each 2% higher for the 12 months ending July 2024. The largest nonbuilding projects to break ground inMedia Contact: July were the $1.5 billion Revolution Wind offshore| pr@construction.com wind farm off the coast of Rhode Island, the $819 million Potomac River Tunnel in Washington, DC, and the $800 17'