Aug. 1, 2023 — Caterpillar Inc. said on Tuesday that strong demand for heavy machinery from construction and mining industries was expected to drive full-year operating margin near the top end of its prior forecast, sending its shares to a record high.

The company, seen as a proxy for global economic activity, also reported better-than-expected second-quarter earnings, as sales rose across all of its main businesses.

HAMILTON, N.J. (July 21, 2023) — Total construction starts fell 9% in June to a seasonally adjusted annual rate of $1 trillion, according to Dodge Construction Network. Nonresidential starts led the downturn, falling 14%. Nonbuilding starts fell 9%, and residential starts lost 4%.