New construction starts in June grew 4% from the previous month to a seasonally adjusted annual rate of US$679.9 billion, according to Dodge Data & Analytics.
"Residential building so far in 2017 has been mixed, with some growth for single family housing earlier this year, while multifamily housing appears now to be trending downward after peaking in 2016.
“Public works construction has been sluggish so far in 2017, although on the plus side, it has received support from the start of several huge pipeline projects, including the US$4.2 billion Rover natural gas pipeline located in Michigan, Ohio, West Virginia and Pennsylvania.
“On balance, the volume of construction starts so far in 2017 is slightly ahead of last year, if one excludes the often volatile manufacturing building and electric utility/gas plant project types."
Nonbuilding construction, at US$155.4 billion (annual rate), increased 8% in June. The electric utility/gas plant category ran counter to its generally declining trend this year, with June soaring 78%. Large electric utility projects included as June starts were a US$1.3 billion natural gas-fired power plant in Florida, and a US$1.1 billion wind farm and transmission line in Colorado. The public works categories as a group dropped 6% in June, making a partial retreat after a 26% jump in May. The miscellaneous public works category, which includes such diverse project types as site work, pipelines and mass transit, fell 16% in June.
Although June included US$1.4 billion for work on the high speed rail line project in central California, May had featured the start of several large natural gas pipeline projects, such as the US$1.5 billion Revolution pipeline expansion in western Pennsylvania and the US$690 million Gulf South Coastal Bend Header pipeline in Texas.
Read the full report here.
Read the article online at: https://www.worldpipelines.com/business-news/27072017/new-report-details-june-construction-starts-growth/