Dodge Data & Analytics, New York, has reported construction starts rose 5% in November 2024 after increasing 4% in October 2024.
Nonresidential building construction rose 2% in November 2024 as commercial starts jumped 43%. Manufacturing starts fell 52% after a 114% boost in October 2024, and institutional starts declined 9%.
Residential building construction fell 1% in November 2024 after falling 3% in October 2024. Single-family housing rose 5%, and multifamily starts declined 12%.
Nonbuilding construction increased 16% in November 2024.
For the 12 months ending November 2024, total construction starts were up 4% compared with the 12 months ending November 2023. Residential building rose 7%; nonbuilding construction rose 4%; and nonresidential building was up 2%.
“Construction starts continue to move sideways as the market waits for further rate cuts,” said Richard Branch, chief economist of Dodge Construction Network. “Elevated interest rates, labor shortages and strict lending standards will continue to constrain construction activity in the near term.”
