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Construction Starts Jump 37% in November, Reach Annual Rate of $989B
Construction starts in the U.S. jumped 37% from October 2019 to November 2019, reaching a seasonally adjusted annual rate of $988.9 billion, according to information released by Dodge Data & Analytics. The gain pushed the Dodge Index to 209, compared to 153 posted in October.
Dodge Data’s analysts pointed to two reasons for the gain:
- It followed a “particularly weak” October
- Many massive projects broke ground over the month
The researchers also noted that:
- Non-building starts (utility and energy facilities/developments) increased by 82% in November, ending up at $288.5 billion
- Non-residential building starts increased by 61%, month over month, to 366.5 billion
- Residential starts in November were essentially flat, with single-family starts dropping 8%
“The presence or absence of large projects continues to add immense volatility to the monthly data,” said Dodge’s Richard Branch. “However, the underlying trend for the year remains intact – that construction starts are settling back following nine consistent years of growth.”
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