Dodge Data & Analytics, New York, has reported construction starts rose 6% in April after falling 1% in March.
Nonresidential building construction rose 17% in April as manufacturing starts more than doubled. Institutional starts grew 16% because of a gain in health care and transportation projects, and commercial starts fell 1%.
Residential building construction fell 1% in April. Single-family housing dropped 7%, and multifamily starts advanced 13%.
Nonbuilding construction increased 4% in April.
For the 12 months ending April 2024, total construction starts were up 2% compared with the 12 months ending April 2023. Nonbuilding construction grew 16%; nonresidential building fell 8%; and residential building rose 3%.
“The rebound in starts in April was certainly good news for the sector,” said Richard Branch, chief economist for Dodge Construction Network. “While the uncertain timing of Fed interest rates cuts is causing concern, developers and owners are feeling reasonably confident that end-market demand will sustain project starts in some sectors. While risk remains in the sector for interest rates, labor and material prices, the value of projects in planning has been reasonably stable, indicating future confidence.”
