Gains in single family and infrastructure starts were not enough to offset nonresidential building weakness

BEDFORD, MA —April 23, 2024 — Total construction starts fell 1% in March to a seasonally adjusted annual rate of $1.06 trillion, according to 51����. Nonresidential building starts fell 9%, while nonbuilding starts improved by 7%, and residential starts moved 1% higher. On a year-to-date basis through March total construction starts were up 13% from the first three months of 2023. Residential starts were up 24%, while nonbuilding starts gained 16% and nonresidential building starts rose 2%.

For the 12 months ending March 2024, total construction starts were up 1% from the 12 months ending March 2023. Nonresidential building starts were down 8% while residential starts were flat, and nonbuilding starts were up 18% on a 12-month rolling sum basis.

“The construction sector has hit a soft patch to start 2024,” said Richard Branch, chief economist for 51����. “However, this should not be overly surprising given high rates and restrictive credit. There are bright spots though as single family starts are moving higher and federal dollars are lifting nonbuilding starts. The recent hot inflation readings likely mean that rate cuts won’t happen until later in the year, and as a result, the commercial and multifamily sectors will continue to languish.”

Nonbuilding

Nonbuilding construction starts gained 7% in March to a seasonally adjusted annual rate of $298 billion. Utility/gas starts more than doubled during the month, while highway and bridge starts moved 19% higher. Environmental public works starts fell 24% in March and miscellaneous nonbuilding starts lost 42%. On a year-to-date basis through March total nonbuilding starts were 16% higher. Miscellaneous nonbuilding starts were up 26%, environmental public works improved 18%, highway and bridge starts rose 15%, and utility/gas plants were 6% higher on a year-to-date basis through March.

For the 12 months ending March 2024, total nonbuilding starts were 18% higher than the 12 months ending March 2023. Utility/gas starts were up 38%, miscellaneous nonbuilding starts rose 18%, highway and bridge starts rose 12%, and environmental public works starts moved 9% higher for the 12 months ending March 2024.��

The largest nonbuilding projects to break ground in March were the $1 billion Eland Solar and Battery Storage facility in Mojave, California, the $908 million SR826 road and bridge project in Miami, Florida, and the $650 million Serrano Solar and Storage project in Pima and Pinal counties in Arizona.

Nonresidential

Nonresidential building starts fell 9% in March to a seasonally adjusted annual rate of $363 billion. Manufacturing starts were down 58%, while commercial starts fell 1% due to a pullback in office and hotel starts. Institutional starts gained 4% in March, which was largely the result of some very large healthcare projects getting underway. On a year-to-date basis through March, total nonresidential starts were up 2%. Institutional starts were 12% higher, while commercial starts were flat, and manufacturing starts lost 15% on a year-to-date basis through March.

For the 12 months ending March 2024, nonresidential building starts were 8% lower than the previous 12 months. Manufacturing starts were down 30% and commercial starts were down 10%, while institutional starts were 7% higher for the 12 months ending March 2024.

The largest nonresidential building projects to break ground in March were the $1.3 billion Rady Children’s Hospital Intensive Care Unit in San Diego, California, the $600 million Google data center in The Dalles, Oregon, and a $532 million Federal prison in Leavenworth, Kansas.

Residential

Residential building starts moved 1% higher in March to a seasonally adjusted annual rate of $400 billion. Single family starts improved 9% while multifamily starts lost 14%. On a year-to-date basis through three months, total residential starts were 24% higher. Single family starts improved 34% and multifamily starts were 9% higher on a year-to-date basis.

For the 12 months ending March 2024, residential starts were unchanged from the previous 12 months. Single family starts were 4% higher, while multifamily starts were 7% lower on a 12-month rolling sum basis.

The largest multifamily structures to break ground in March were the $385 million One Naples Ritz Carlton residences in Naples, Florida, the $261 million 100 North Main mixed-use project in Memphis, Tennessee, and the $190 million The August at Steelpointe Harbor project in Bridgeport, Connecticut.

Regionally, total construction starts in March rose in the South Central and West regions, but fell elsewhere.

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Institutional planning faces sizable correction from weaker R&D lab planning

BEDFORD, M.A. – April 5, 2024 — The DodgeMomentum Index (DMI), issued by 51����, fell 8.6% in March to 164.0 (2000=100) from the revised February reading of 179.5. Over the month, commercial planning fell 3.2% and institutional planning dropped 17.2%.

“In 2023, commercial planning decreased while institutional planning notably improved, sitting 29% above year-ago levels in February 2024. While strong market fundamentals should support institutional planning this year, this side of the Index is more at risk for a substantive correction after last year’s growth,” stated Sarah Martin, associate director of forecasting for 51����. “Much of the decline on the institutional side is credited to lower levels of education planning. Between February 2023 and February 2024, life science and R&D laboratory projects account for roughly 34% of education planning value, with that share reaching 59% in some months. In March, however, that share dropped to 7%. The surge of lab construction in recent years may lead to decreased planning demand as the market absorbs new supply in 2024. Likely, lower lab volumes will result in education planning returning to its long-run, and more sustainable, average.”

On the commercial side, slower growth in office and hotel planning pulled down this portion of the Index once again. Year over year, the DMI was 12% lower than in March 2023. The commercial segment was down 14% from year-ago levels, while the institutional segment was down 10% over the same period.

In March, a total of 14 projects valued at $100 million or more entered planning. The largest commercial projects included the $215 million Microsoft Data Center in San Antonio, Texas, and the $158 million Melrod Data Center Building B in Fredericksburg, Virginia. The largest institutional projects comprised the $277 million Trident Health Hospital in Johns Island, South Carolina and the $220 million Sunset Amphitheater in McKinney, Texas.

The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.

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Amidst persistent high interest rates, building starts weaken, while nonbuilding starts show growth.

BEDFORD, MA —March 20, 2024 — Total construction starts fell 8% in February to a seasonally adjusted annual rate of $1.07 trillion, according to . Nonresidential building starts dropped 16%, while nonbuilding starts lost 3%, and residential starts fell by 2%.

For the 12 months ending February 2024, total construction starts were up 2% from the 12 months ending February 2023. Nonresidential building starts were down 2% while residential starts were 4% lower, and nonbuilding starts up 19% on a 12 month rolling sum basis.

“Construction activity was hit hard by higher rates and more restrictive credit standards”, said Richard Branch, chief economist for 51����. “Starts struggled over the past several months as the lagged effect of higher rates impacted projects moving forward through the planning process. Additionally, the significant deficit of skilled labor led to further delays – especially in the manufacturing sector. While optimism should prevail in the second half of the year as the Federal Reserve begins to cut rates, some sectors like commercial, will make little headway over the remainder of the year.”

Nonbuilding

Nonbuilding construction starts fell 3% in February to a seasonally adjusted annual rate of $275 billion. Highway and bridge starts lost 17% in the month, while environmental public works dropped 8%. On the plus side, utility/gas starts gained 13% and miscellaneous nonbuilding starts rose 48%.

For the 12 months ending February 2024, total non-building starts were 19% higher than the 12 months ending February 2023. Highway and bridge starts and environmental public works starts were both 12% higher. Utility/gas starts were 37% higher, while miscellaneous non-building starts rose 21% during the 12 months ending February 2024.��

The largest non-building projects to break ground in February were the $1.1 billion Bull Run Filtration Facility in Gresham, Oregon, the $1.0 billion, 270 mile, oil pipeline in North Slope County, Alaska, and the $500 million Scatter Wash Battery Energy Storage System in Phoenix, Arizona.

Nonresidential

Nonresidential building starts fell 16% in February to a seasonally adjusted annual rate of $407 billion. Institutional starts were down 19% during the month due to a large decline in transportation and education buildings. Commercial starts lost 3% due to a sizeable pullback in warehouse starts, while manufacturing starts were off 28%.

For the 12 months ending February 2024, nonresidential building starts were 2% lower than the previous 12 months. Manufacturing starts were down 13% and commercial starts were down 8%, while institutional starts were 9% higher for the 12 months ending February 2024.

The largest nonresidential building projects to break ground in February were the $1.8 billion Redwood Materials Battery Recycling Facility in Ridgeville, South Carolina, the $1.6 billion LG Chemical Battery Plant in Clarksville, Tennessee, and the $1.2 billion Hollywood Burbank Airport replacement project in Los Angeles, CA.

Residential

Residential building starts lost 2% in February, falling to a seasonally adjusted annual rate of $392 billion. Single family starts improved 5% while multifamily starts lost 12%.

For the 12 months ending February 2024, residential starts were 4% lower than the previous 12 months. Single family starts were 2% lower, while multifamily starts were 6% lower on a 12 month rolling sum basis.

The largest multifamily structures to break ground in February were the $500 million 400 Lake Shore Drive North Tower in Chicago, Illinois, the $400 million Alia at 888 Ala Moana building in Honolulu, Hawaii, and a $200 million mixed-use development in Gowanus, New York.

Regionally, total construction starts in February fell in every region but the South Atlantic.

February 2024 Construction Starts

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BEDFORD, M.A. – March 7, 2024 — The DodgeMomentum Index (DMI), issued by Construction Network, fell 1.4% in February to 180.5 (2000=100) from the revised January reading of 183.0. Over the month, commercial planning fell 2.3% and institutional planning ticked up 0.1%.

“Weaker office and healthcare planning constrained nonresidential planning in February,” stated Sarah Martin, associate director of forecasting for 51����. “However, the Index remains 25% higher than where it was just two years ago. Most other categories showed growth over the month and Dodgeremains optimistic that nonresidential planning will stay elevated throughout 2024 alongside rising confidence in 2025 market conditions.”

Slower growth in office planning pulled down the commercial portion of the Index this month. On the institutional side, slower healthcare and amusement planning was offset by stronger education planning, keeping this portion of the DMI flat in February. Year over year, the DMI was 1% higher than in February 2023. The commercial segment was down 10% from year-ago levels, while the institutional segment was up 27% over the same period.

In February, a total of 17 projects valued at $100 million or more entered planning. The largest commercial projects included the $220 million QTS Data Center in Fort Worth, Texas, and the $150 million DOT Transit Maintenance Facility in Boulder, Colorado. The largest institutional projects comprised the $348 million Island Parkway Life Sciences Campus in Belmont, California and the $304 million New York Presbyterian Cancer Center in New York, New York.

The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.

Watch Associate Director of Forecasting Sarah Martin discuss February’s DMI .

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BEDFORD, MA, Feb. 27—Today, Dodgeand the National Association of Home Builders (NAHB) unveiled the latest findings from the Building Sustainably: Green & Resilient Single-Family Homes 2024 SmartMarket Brief. As the latest in a series of studies conducted by Dodgeand NAHB, this comprehensive report showcases a remarkable uptick in the adoption of green building products and practices, signaling a dynamic shift toward sustainability among home builders and remodelers.

When asked about their use of 22 specific products and practices, builders and remodelers reported the following average usage increases from 2019 (the last time the survey was conducted) to 2024:

• Water Conservation: Increased nine percentage points
• Materials and Resources Conservation: Rose 12 percentage points
• Energy Efficiency: Surged 17 percentage points

These figures underscore a clear and undeniable trend: Homes continue to improve their sustainable performance, with builders and remodelers across the nation embracing eco-conscious practices.

“It is clear that green building has become a mainstream part of the residential construction landscape with more builders and remodelers engaging in sustainable building practices than ever before,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala. “The results also indicate a potential for future growth by driving market demand for green homes, as well as an increased move toward enhancing homes through resiliency practices.”

Despite the uptick in specific green practices, many builders and remodelers do not perceive an overall increase in the construction of green homes. The study revealed marginal growth in 2024 compared to 2019 in the number of respondents who indicated that over half of their home projects were green. The number of new home projects reported increased by just one percentage point and remodeling projects by five percentage points.

“The study strongly indicates that incorporating energy efficiency, as well as water and materials conservation, into their projects is becoming part of the standard practice for builders,” says Donna Laquidara-Carr, industry insights research director at 51����. “This suggests a likely improvement in the overall performance of housing stock, even if the share of homes flagged as green buildings has not appeared to change significantly.”

Driving Market Demand for Green Homes

The findings also highlight a clear opportunity to boost the adoption of green homes by stimulating market demand. Currently, 82% of builders and remodelers report that home appraisals infrequently or never reflect a home’s green value, while 72% infrequently or never see green features in MLS listings. Without clear visibility into available features or the tangible benefits of green building home value, consumers are less likely to invest in the additional costs associated with sustainable construction.

Greater awareness and accessibility of government and utility incentives could also significantly drive green home construction. While only 16% of builders and remodelers report incentives as a top reason for building green, a substantial 48% express that the presence of such incentives in their area would strongly motivate them to increase their commitment to green building.

Enhancing Home Resilience: Regional Insights

The study also delved into specific products and practices enhancing home resilience against natural hazards, such as wind, floods, fire and earthquakes. Findings underscore significant regional differences, even in areas where hazards such as wind and floods are increasingly prevalent in many parts of the United States. Wind and floods are the most commonly addressed hazards, with 55% of builders and remodelers actively seeking to mitigate impacts of wind and 44% addressing floods. Attention to these hazards is particularly strong in the South, with 64% addressing wind and 52% addressing floods in that region.

Download the Building Sustainably: Green & Resilient Single-Family Homes 2024 SmartMarket Brief to gain full access to the report’s comprehensive insights.

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Amidst persistent high interest rates, building starts weaken, while nonbuilding starts show growth.

BEDFORD, MA —February 20, 2024 — Total construction starts grew 1% in January to a seasonally adjusted annual rate of $1.16 trillion, according to . Nonbuilding starts rose 9% during the month, while nonresidential building starts fell 2% and residential starts were flat.

For the 12 months ending January 2024, total construction starts were down 1% from the 12 months ending January 2023. Nonresidential building starts were down 5% while residential starts were 8% lower, with nonbuilding starts up 17% on a 12 month rolling sum basis.

“Construction starts are struggling to make headway in the new year,” said Richard Branch, chief economist for 51����. “Construction starts will continue to struggle early on in 2024 as higher interest rates and tight credit standards are slowing down projects moving through the planning cycle to start. The Federal Reserve is expected to cut rates later this year. That will move some of these projects in the planning queue through to start and provide for a more stable rising trend in construction activity in the second half of the year.”

Nonbuilding

Nonbuilding construction starts in January rose 9% to a seasonally adjusted annual rate of $280 billion. Environmental public works starts rose 38%, while highway and bridge starts improved 9% and miscellaneous nonbuilding starts gained 4%. Utility/gas starts lost 35% in January.

For the 12 months ending January 2024 total nonbuilding starts were 17% higher than the 12 months ending January 2023. Highway and bridge starts were 11% higher, while environmental public works starts gained 10%. Utility/gas starts were 36% higher, while miscellaneous nonbuilding starts jumped 18% during the 12 months ending January 2024.

The largest nonbuilding projects to break ground in January were the $610 million Nelson Wastewater Treatment facility in Mission, Kansas, a $517 million wastewater treatment plant in Ewa Beach, Hawaii, and the $473 million I-10 bridge in Pensacola, Florida.

Nonresidential

Nonresidential building starts lost 2% in January to a seasonally adjusted annual rate of $483 billion. Commercial starts were 14% lower with hotel starts the only category to post a gain. Institutional starts were 1% lower with both education and healthcare down, while manufacturing starts rose 26%.

For the 12 months ending January 2024, nonresidential building starts were 5% lower than the previous 12 months. Manufacturing starts were down 20%, commercial starts were 10% lower, and institutional starts were 9% higher for the 12 months ending January 2024.

The largest nonresidential building projects to break ground in January were the $5.5 billion Texas Instruments fabrication plant in Lehi, Utah, the $2.6 billion Terminal B construction at George Bush Houston Airport in Houston, Texas, and the $1.0 billion BlueOval battery plant in Marshall, Michigan.

Residential

Residential building starts were flat from December to January at a seasonally adjusted annual rate of $393 billion. Multifamily starts improved 6% while single family starts lost 3%.

For the 12 months ending January 2024, residential starts were 8% lower than the previous 12 months. ��Single family starts were 8% lower, while multifamily starts were 7% lower on a 12 month rolling sum basis.

The largest multifamily structures to break ground in January were the $1.5 billion One Beverly Hills tower in Beverly Hills, California, the $447 million Olara Condominium tower in West Palm Beach, Florida, and the $330 million The Exchange at Spring Hill Station in Tysons, Virginia.

Regionally, total construction starts in January rose in the West, but fell in all other regions.

Watch Chief Economist Richard Branch discuss January Construction Starts

January 2024 Construction Starts

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BEDFORD, M.A. – February 7, 2024 — The DodgeMomentum Index (DMI), issued by Construction Network (DCN), rose 0.1% in January to 184.1 (2000=100) from the revised December reading of 183.9. Over the month, commercial planning fell 1.0% and institutional planning improved 2.1%.

“Divergent trends between commercial and institutional planning continued in January, nullifying any growth on the overall Momentum Index,” stated Sarah Martin, associate director of forecasting for DCN. “Nevertheless, lending standards begun to loosen in January and the Fed is expected to begin cutting rates in the back half of the year. With this in mind, momentum should resume in commercial activity throughout 2024 as owners and developers gain confidence in market conditions for 2025.”

Slower growth in warehouse planning pulled down the commercial portion of the Index this month, while steady education and healthcare planning supported growth on the institutional side. Year over year, the DMI was 3% lower than in January 2023. The commercial segment was down 12% from year-ago levels, while the institutional segment was up 15% over the same period.

A total of 15 projects valued at $100 million or more entered planning in January. The largest commercial projects included the $200 million renovation of the historic Magnolia Hotel in Dallas, Texas, and the $169 million Microsoft Data Center in Leesburg, Virginia. The largest institutional projects included the $224 million NREL laboratory in Golden, Colorado and the $223 million Wichita State University Biomedical building in Wichita, Kansas.

The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.

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BEDFORD, MA —January 18, 2024 — Total construction starts grew 20% in December to a seasonally adjusted annual rate of $1.12 trillion, according to . Nonresidential building starts rose 37% during the month, while residential starts gained 8% and nonbuilding starts improved by 13%.

For the full year of 2023, total construction starts lost 4% compared to the previous year. Residential and nonresidential starts were down 13% and 8%, respectively, but nonbuilding starts were up 16%.

“Construction starts ended the year on a positive note,” said Richard Branch, chief economist for 51����. “Looking ahead, the new year provides promise that positive momentum will continue to build. The planning queue is stabilizing, and the promise of lower rates should spur construction onward. While hurdles remain, including scarce labor and tight credit, 2024 should be a more positive year for the construction sector.”

Nonbuilding
Nonbuilding construction starts in December rose 13% to a seasonally adjusted annual rate of $253 billion. Starts were up in each category; miscellaneous nonbuilding starts gained 27%, utility/gas plants rose 15%, highway and bridge starts improved by 12%, and environmental public works were up 8%. For the full year 2023, nonbuilding starts were up by an overall 16%. Utility/gas plants rose 35% and miscellaneous nonbuilding starts increased 19%. Highway and bridge starts and environmental public works each rose 9%.

The largest nonbuilding projects to break ground in December were the $1.3 billion Faraday Solar project in Elberta, Utah, the $425 million San Juan 1 solar farm in Farmington, New Mexico, and the $300 million renovation of the David Booth Kansas Memorial Stadium in Lawrence, Kansas.

Nonresidential

Nonresidential building starts rebounded in December, gaining 37% from November to a seasonally adjusted annual rate of $479 billion. Manufacturing starts gained 75%, commercial starts rose 48% with all categories seeing sizeable gains. Institutional starts rose 22% with increases in education, public buildings, and recreation offsetting a decline in healthcare starts. In 2023, total nonresidential starts were 8% lower than in 2022. Institutional starts gained 7%, while commercial and manufacturing starts fell 12% and 27%, respectively.

The largest nonresidential building projects to break ground in December were the $2.7 billion Texas Instruments fabrication plant in Sherman, Texas, the $1.1 billion OxyChem Project Orca in La Porte, Texas, and the $815 million University of Chicago Cancer Center in Chicago, Illinois.

Residential

Residential building starts grew 8% in December to a seasonally adjusted annual rate of $391 billion. Single family starts increased 1%, while multifamily starts rose 22%. In 2023, total residential starts were down by 13%, with single-family starts dropping 13%, and multifamily starts by 12%.

The largest multifamily structures to break ground in December were the $430 million Auberge South Beach Condo project in Miami Beach, Florida, the $325 million 2600 Biscayne mixed-use project in Miami, Florida, and the $300 million mixed-use project at 55 Hudson St in Jersey City, NJ.

Regionally, total construction starts in December rose in the Midwest, South Atlantic, and West regions, but fell in the Northeast.

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December 2023 Construction Starts

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BEDFORD, M.A. – January 8, 2024 — The DodgeMomentum Index (DMI), issued by Construction Network, rose 3% in December to 186.6 (2000=100) from the revised November reading of 181.5. Over the month, commercial planning grew 1.0% and institutional planning improved 6.1%.

“The Momentum Index ended the year 11% below the November 2022 peak, ultimately stabilizing as the year progressed. Regardless, the DMI averaged a reading of 184.3 in 2023, hitting levels of activity that haven’t been recorded since 2008,” stated Sarah Martin, associate director of forecasting for 51����. “While ongoing labor and construction cost issues will persist in 2024, a substantive amount of projects are sitting in the planning queue and will support construction spending going into 2025.”

Hotel and data center planning drove growth in the commercial segment of the DMI over the month of December, while stronger healthcare and public building planning supported more momentum on the institutional side. Year over year, the DMI was 2% lower than in December 2022. The commercial segment was down 9% from year-ago levels, while the institutional segment was up 14% over the same time period.

A total of 23 projects valued at $100 million or more entered planning in December, with six valued over $400 million. The largest commercial projects include the $500 million Universal Theme Park Kids Resort and Hotel in Frisco, Texas, and the $400 million Dog River Industrial Park in Mobile, Alabama. The largest institutional projects include two Mayo Clinic buildings, each valued at $400 million, in Rochester, Minnesota.

The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.

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HAMILTON, NJ —December 20, 2023 — Total construction starts fell 15% in November, dropping to a seasonally adjusted annual rate of $927 billion, according to . Nonresidential building starts fell 29% during the month, residential starts lost 6%, and nonbuilding starts dropped 2%.

Year-to-date through November 2023, total construction starts lagged by 4% compared to the previous year. Residential and nonresidential starts were down 14% and 7%, respectively, but nonbuilding starts were up 19%.

“Construction starts are deeply feeling the impact of higher rates,” said Richard Branch, chief economist for 51����. “While the Federal Reserve seems poised to start cutting rates in the New Year, the impact on starts will lag. As a result, starts are expected to be weak through the mid-point of 2024 before growth resumes.”

Nonbuilding

Nonbuilding construction starts in November fell 2%, amounting to a seasonally adjusted $223 billion. Highway and bridge starts decreased 8%, environmental public works starts fell 4%, utility/gas starts rose 17%, and miscellaneous nonbuilding starts improved by 1%.

Year-to-date through November, nonbuilding starts were up 19% overall. Utility/gas plants rose 49%, and miscellaneous nonbuilding starts increased 18%. Highway and bridge starts gained 9%, and environmental public works rose 11%.

The largest nonbuilding projects to break ground in November were the $834 million I-405 Brickyard to SR 527 improvements in Bothell, Washington, the $406 million second phase of the Sherco Solar Farm in Becker, New Mexico, and a $353 million addition to the Silverhawk Generating Station in Moapa, Nevada.

Nonresidential

Nonresidential building starts decreased 29% in November to a seasonally adjusted annual rate of $345 billion. Manufacturing starts plummeted 74% following several strong project starts in October. Commercial starts fell 19% with office buildings being the only category to see a gain. Institutional starts rose 7% due to a significant uptick in healthcare activity. Year-to-date through November, total nonresidential starts were 7% lower than in 2022. Institutional starts gained 5%, while commercial and manufacturing starts fell 13% and 18%, respectively.

The largest nonresidential building projects to break ground in November were the $1.9 billion Children’s Hospital of Philadelphia Inpatient Tower in Pennsylvania, the $1.6 billion LG Energy Battery Plant in Queen Creek, Arizona, and the $750 million expansion of the Iowa Army Ammunition Plant in Middletown, Iowa.

Residential

Residential building starts declined 6% in November to a seasonally adjusted annual rate of $359 billion. Single family starts increased 1%, while multifamily starts fell 19%. Year-to-date through November 2023, total residential starts were down by 14%, with single-family starts dropping 15% and multifamily starts by 12%.

The largest multifamily structures to break ground in November were the $200 million 55 Broad Street residential conversion in New York City, the $200 million redevelopment of The Superman Building in Providence, Rhode Island, and the $185 million Union West mixed-use development in Raleigh, North Carolina.

Regionally, total construction starts in November fell in the Midwest, South Atlantic, South Central and West regions, but rose in the Northeast.

Watch Chief Economist Richard Branch discuss November Construction Starts .

November 2023 Construction Starts

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