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March Construction Starts Advance 11%
New construction starts in March increased 11% from the previous month to a seasonally adjusted annual rate of $785.2 billion, according to Dodge Data & Analytics. The substantial gain followed modest declines in January (down 2%) and February (down 3%), and brings the pace of total construction starts to the highest level over the past six months.
During the first three months of 2018, total construction starts were $167.3 billion, down 7% from last year. Construction starts for the 12 months ending March 2018 were up 1% from the 12 months ending March 2017.
Dodge Data & Analytics’ chief economist Robert A. Murray says, “The construction start statistics can show wide swings month-to-month, and March certainly qualifies as one of the stronger months due to the inclusion of several very large projects.”
Non-residential building in March was $243.3 billion (annual rate), down 1% from the previous month. The commercial categories as a group retreated 13% following a 17% increase in February, with declines reported for four of the five structure types.
– Warehouse construction in March rose 37%
– Multifamily housing slipped 7%
– Office construction dropped 16%
– Store construction retreated 20%
– Hotel construction dropped 40%
– Healthcare facilities retreated 32%
– Non-building construction soared 73% in March
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