Dodge Data & Analytics, New York, has reported construction starts rose 4% in October after falling 6% in September.
Nonresidential building construction rose 14% in October as manufacturing starts soared 114%. Institutional starts climbed 13%, and commercial starts fell 3%.
Residential building construction fell 3% in October after falling 1% in September. Single-family housing dropped 4%, and multifamily starts declined 2%.
Nonbuilding construction increased 2% in October.
For the 12 months ending October 2024, total construction starts were up 1% compared with the 12 months ending October 2023. Residential building rose 6%; nonbuilding construction fell 1%; and nonresidential building was down 1%.
“Construction starts have yet to see the impact of falling interest rates,” said Richard Branch, chief economist for Dodge Construction Network. “Several more rate cuts will be needed to start moving construction projects through the planning process to start. Clarity, though, has improved now that the election is in the rearview mirror; however, developers may wait until the full scope of President-elect Trump’s legislative agenda comes into better focus.”
