A June Swoon? Dodge Sees 7% Drop in Construction Projects

New construction starts in June decreased 7% from the previous month to a seasonally adjusted annual rate of $595.1 billion, according to Dodge Data & Analytics. The nonbuilding construction sector (public works and electric utilities) fell sharply after being lifted in May by the start of a $3.8 billion oil pipeline in the Upper Midwest and seven large power plant projects totaling $4.3 billion.  Residential building in June edged down with reduced activity reported for both single family and multifamily housing.