Total construction starts rose 10% in May to a seasonally adjusted annual rate of $1.24 trillion, according to Dodge Construction Network. Nonbuilding starts gained an impressive 49% during the month, driven by the start of an offshore wind project and an LNG facility, while residential starts lost 7% and nonresidential building starts were down 2%. On a year-to-date basis through May, total construction starts were up 11% from the first five months of 2023. Residential starts were up 16%, while nonbuilding starts gained 17%, and nonresidential building starts rose 3%.
