- Total Construction: The value of total construction put in place has shown an increasing trend from May 2022 to May 2023. Despite slight fluctuations, the overall growth is positive, indicating a robust construction industry during this period.
- Residential Construction: The value of residential construction shows a sharp decline in the same period. This suggests that there might have been less demand or investment in residential construction projects.
- Nonresidential Construction: On the other hand, nonresidential construction values increased significantly, compensating for the decrease in residential construction. This could imply a shift in focus or investment towards nonresidential construction projects, such as commercial or industrial buildings.
- Lodging and Office: Both lodging and office construction showed growth over the year, with lodging construction showing a particularly strong growth rate. This could be a sign of recovery or growth in the travel and office real estate sectors.
- Percent Change: The percent change from April 2023 to May 2023 showed mixed results, with an overall increase in total construction but a decrease in nonresidential construction. This might suggest a slowdown in nonresidential construction growth.
