May 2023 Nonresidential Construction Starts Report

This document is a report detailing the nonresidential construction starts for May 2023. It outlines that the volume of construction starts, excluding residential work, reached $49.2 billion, marking a month-over-month increase of 4.3% compared to April 2023. However, there was a significant year-over-year decline of 30.1%, primarily attributed to a decrease in mega projects. The report provides a comparative analysis of construction starts across various sectors, including commercial, industrial, and institutional categories. It also discusses employment trends within the construction industry, noting an increase of 25,000 jobs in May 2023. The unemployment rate for construction workers was reported at 3.5%, a decrease from the previous month. Additionally, the report includes statistics on put-in-place construction values and highlights the significant growth in manufacturing-related construction starts. Overall, the document presents a comprehensive view of the current state of the nonresidential construction sector.