National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Adjusted Nonresidential Construction Starts Up Strong According to Dodge Report
Total construction starts fell 12% in March to a seasonally adjusted annual rate of $903.8 billion, according to Dodge Construction Network. Nonresidential building starts lost 29%, in part due to the start of three large manufacturing facilities in the prior month. When those three large projects are removed, nonresidential starts in March would have risen 10%.
Thus, adjusted nonresidential building starts rose 10% in March.
Year-to-date, total construction was 9% higher in the first three months of 2022 than in the same period of 2021. Nonresidential building starts rose 26%, residential starts gained 3%, while nonbuilding starts were 1% lower. For the 12 months ending March 2022, total construction starts were 15% above the 12 months ending March 2021. Nonresidential starts were 25% higher, residential starts gained 15% and nonbuilding starts were down 1%.
“The volatility caused by the ebb and flow of large projects masks an underlying trend of strengthening in construction starts,” stated Richard Branch, chief economist for Dodge Construction Network.
- ◦Development
