Gains Reported for Public Works, Power Plants, Multifamily Housing, Healthcare Facilities
NEW YORK, N.Y. – The value of new construction starts in July advanced 6 percent from the previous month to a seasonally adjusted annual rate of $728.1 billion, according to Dodge Data & Analytics. Leading the way was a 26 percent jump by the nonbuilding construction sector, which reflected an improved level for public works and the start of two massive power plants, located respectively in California and New York.
Residential building in July increased 8 percent, as multifamily housing rebounded after three consecutive monthly declines. Running counter was a 7 percent slide for nonresidential building following its 14 percent hike in June, as both office buildings and hotels retreated from June’s elevated activity, outweighing a sharp rise for healthcare facilities in July.
The institutional side of the nonresidential building market climbed 16 percent in July, in contrast to the declines reported for the commercial and manufacturing segments. Healthcare facilities jumped 108 percent after a weak June, led by groundbreaking for the $1.5-billion Penn Medicine Patient Pavilion in Philadelphia, Pennsylvania.
Other large healthcare facility projects that started in July were the following – the $349-million Inspira Medical Center in Glassboro, New Jersey; the $125-million Bristal Jericho assisted living facility in Oyster Bay, New York; a $110-million hospital expansion in Bethesda, Maryland and a $105-million ambulatory care complex at the University of Utah in Salt Lake City, Utah.
