Yes, most smaller lathes and mills will need 240V, single-phase power.
120V circuits can’t really haul more than about 1HP single-phase motors. To get a 3 to 5HP motor, you’ll need 240V.
If I were advising someone building a new house, I’d recommend at least 100 amp, 240V service run to the garage or shop as an “of *course* you’re going to need that” sort of thing. If I am building a new home with a shop or garage, I’d have 200 amp/240V service in the garage alone, and then another 200 amp service for the house. If a house has natural gas, and then has natural gas hot water, heat and kitchen, you’d use almost none of the 200amp service for the house.
Once you fire up a heat treating oven and a welder at the same time, you’ll use every bit of a 200 amp service. Never mind the stupid Smurfmobile with a battery and wind-up motor.
“...If I were advising someone building a new house, I’d recommend at least 100 amp, 240V service run to the garage or shop as an “of *course* you’re going to need that” sort of thing....”
A number of years ago, I had a 30 x 30 foot 2-car garage built. Put three rooms over (unfinished) just because. The electric service was a 100A sub panel, and I did most of the wiring. Thought we might need another heat pump some day. Put in one 30A 240V outlet, just in case we might need it.
Fast forward:
Now the “garage” contains a 2,400 lb. vertical mill, 1,900 lb. lathe (and two smaller ones), 5 H.P. 3-phase RPC, several welders (water-cooled Syncrowave 250 TIG/stick, Dialarc 250, Thermal Arc 161STL, Lincoln SP175+ MIG and 1952 vintage AC180C, Miller spot welder, Victor & Smith O/A torches), table, radial arm and chop saws, wood lathe, two jointers, three drill presses, a 20-ton hydraulic press and a sandblasting booth, 3.5 H.P. 60 gallon air compressor, two band saws and a 400 pound granite surface plate, plus three work benches. And a lot of hand tools. Moma’s spare oven is in there, too. Good thing we are skinny.
Now the panel supports separate 30, 50 and 70 Amp, 240V circuits for the big stuff. Five separate 20A, 120V circuits and I forget how many 15A lighting and whatnot circuits. Fortunately, I had two 150A main panels to start with. I can live with 300A service (320), but 400 would have been better. I did most of the routine wiring and let an electrician do the main panel and sub panel connects. I spent days and days going up and down a ladder and yanking wire.
Since I did that, my younger one has become a quite competent machinist/welder. Good with all welding processes (though not a pipeline welder), knows his G-code and MasterCAM for CNC machining.