Non-residential Construction Jumps 30%
CMD announced that May’s $30.5 billion of construction starts, excluding residential work, jumped 30.3% versus April. The y month-to-month gain was much higher than CMD’s usual April-to-May change, due to seasonality, of +8.0%, said Alex Carrick, the company's chief economist.
Every major category of CMD's construction starts recorded a month-to-month percentage gain in May. The leader among the three big sub-categories was heavy engineering (+37.4%), followed by commercial (+11.7%) and institutional (+8.7%). You can find the complete article here.
Compared to last May, heavy engineering was up 36.1%. It includes roads/highways and water/seage work. While these can be broad-based improvements in construction, single projects - such as a Microsoft call center in Iowa and a new Tesla battery factory in Nevada - can cause significant swings in the numbers.
Among the 12-month moving average trends, the most apparent upward trends are in roads/highways, water/sewage, and bridges. Hospital/clinic work continues to display a downward tendency. The other categories, while occasionally bobbing higher and lower, are on flat paths for the most part.
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