A lack of mega-projects in the manufacturing sector, which previously had seemed bullet proof amid an onshoring blitz, translated into a 67% nosedive in starts for that project type following aggressive growth in May.
Nonresidential building starts tumbled 14% in June to a seasonally adjusted annual rate of $348 billion. Commercial starts dropped 6% in June with gains in the beleaguered office and hotel sectors, offset by a pullback in warehousing projects, according to the report.
