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Dodge Reports New Construction Starts Recede in February

New construction starts in February slipped 3% from the previous month to a seasonally adjusted annual rate of $708.1 billion, according to Dodge Data & Analytics. The reduced activity last month followed a 2% decline in January, as the early months of 2018 are showing some loss of momentum after the 12% increase reported in December.

The nonbuilding construction sector (public works and electric utilities/gas plants), fell 23% in February, resulting in the decline for total construction starts. In contrast, nonresidential building grew 5% in February, continuing the strengthening trend which resumed in December, and residential building improved a slight 1%.

Dodge Data & Analytics’ chief economist Robert Murray says, “Compared to last year’s fourth quarter, the first two months of 2018 have seen further increases for nonresidential building, helped by its institutional building segment, and residential building, helped by multifamily housing. This suggests that the construction expansion, while slowing, is still in progress.”

Key Dodge report findings:
– Total construction starts totaled $102.4 billion in first two months of 2018, down 7% from the same period a year ago
– February nonresidential building was $246.7 billion (annual rate), up 5% from January
– Commercial categories as a group rose 14%, with gains across most of the property types
– Office construction advanced 24% after a subdued January
– Hotel construction jumped 60% in February
– Multifamily increased 7%, reflecting the start of 11 projects valued each at $100 million or more
– Warehouse construction in February was the one commercial property type to decline, sliding 36%

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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