Housing Starts Versus Economic Orthodoxy
June’s figure on U.S. housing starts, at 1.434 million units, which was preceded by May at 1.559 million
June’s figure on U.S. housing starts, at 1.434 million units, which was preceded by May at 1.559 million
Below are six graphs recording 12-month moving averages of ConstructConnect’s nonresidential construction starts.
The accompanying table records the top 10 project starts in the United States for June 2023.
ConstructConnect announced June 2023’s volume of nonresidential construction starts was $63.2 billion, up +25.5% versus May 2023’s $50.3 billion.
The seasonally adjusted unemployment rate has been less than 4.0% for 15 months in a row, indicative of a labor market that’s about as tight ever.
The average Producer Price Index for construction material costs has slid to -4.7% y/r. and the the PPI bid price index, remains positive +10.9% y/y.
Below are six graphs recording 12-month moving averages of ConstructConnect’s nonresidential construction starts.
The accompanying table records the top 10 project starts in the United States for May 2023.
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