Dodge Data & Analytics, New York, has reported construction starts fell 6% in September after rising 6% in August.
Nonresidential building construction fell 6% in September as commercial starts climbed 9%, manufacturing starts dropped 30% and institutional starts fell 10%.
Residential building construction fell 1% in September after rising 5% in August. Single-family housing climbed 2%, and multifamily starts fell 6%.
Nonbuilding construction decreased 11% in September.
For the 12 months ending September 2024, total construction starts were up 1% compared with the 12 months ending September 2023. Residential building rose 6%; nonbuilding construction fell 4%; and nonresidential building was unchanged.
“Construction starts are treading water,” said Richard Branch, chief economist for Dodge Construction Network. “September’s rate cut was just the first step in unwinding a period of high rates and several more cuts will be needed to start moving construction projects through the planning process to start. More consistent growth in construction starts should begin to materialize early in the new year.”
