Construction Starts Up 6 Percent in July
New construction starts surged 6 percent to reach $588.8 billion in July, according to McGraw Hill Construction. Nonresidential construction increased 7 percent during the month to $229 billion, following gains of 12 percent in June.
By segment, commercial building starts saw an 11 percent increase, with hotel construction increasing 29 percent increase, store construction up 12 percent, and office construction up 8 percent, according to the report. Institutional construction, however, fell 14 percent during July, after two months of gains. Healthcare saw a 34 percent drop during July, while educational building increased 11 percent.