The month-to-month percentage change versus May was -18.3%. The large drop, however, was mainly due to May having so many mega-sized project initiations. May’s Top 10 project starts list totaled $20.7 billion, double the figure of $10.3 billion for June’s biggest projects rollcall (see Top 10 Project Starts in the U.S. – June 2019).
The latest month’s results benefit from historical perspective. June 2019’s nonresidential starts relative to the average for June in the prior five years, from 2013 to 2017, were +8.0%. Year-to-date total nonresidential starts in 2019 have been -6.4% compared with the first half of 2018.