Construction starts fell 3% in July to a seasonally adjusted annual rate of $854.8 billion, according to Dodge Data & Analytics.
All three major sectors—residential, nonresidential building and nonbuildings—moved lower in July. Richard Branch, chief economist for Dodge Data & Analytics, says construction material prices continue to weigh on starts.
"Lumber and copper prices have fallen in recent weeks; however, steel, plastic and other construction-related products are continuing their ascent, "Branch said in a prepared statement. "These increases will continue to impact construction starts over the coming months, somewhat muting the impact of stronger economic activity."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
