Dodge Data & Analytics, New York, has reported construction starts rose 0.5% in February after falling 6% in January.
Nonresidential building construction rose 2% in February as commercial starts climbed 22%. Manufacturing starts declined 48%, and institutional starts fell 2%.
Residential building construction fell 1% in February after declining 1% in January. Single-family housing rose 1%, and multifamily starts fell 6%.
Nonbuilding construction was unchanged in February.
For the 12 months ending February, total construction starts were up 3% compared with the 12 months ending February 2024. Residential building rose 3%; nonbuilding construction rose 7%; and nonresidential building was unchanged.
“While increased uncertainty over the trajectory of monetary and fiscal policies may be informing some of the flat month-to-month trends—the largest construction sectors still saw growth in activity throughout February,” said Sarah Martin, associate director of forecasting at Dodge Construction Network. “Steady growth in planning activity throughout 2024 should support stronger construction starts in future months—but owners and developers will have to factor in higher risk around elevated material costs, supply chain volatility and further labor constraints.”
