Branch said construction indicators are likely to be more volatile than normal, particularly in the commercial sector. The downbeat nonresidential numbers, which helped drag all of construction down 5% in June, came on the heels of the Federal Reserve’s Beige Book report, which noted anecdotal evidence of slowing construction activity amid recession fears.
On the residential front, multifamily starts, which include apartment buildings, fell 3% lower for the month. But for the year, multifamily starts were still 25% higher.
