New construction starts in October decreased 4% to a seasonally adjusted annual rate of $678.9 billion, settling back from the elevated amount that was reported in September, according to Dodge Data & Analytics.
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Dodge Data & Analytics released its 2017 Dodge Construction Outlook, a mainstay in construction industry forecasting and business planning. The report predicts that total U.S. construction starts for 2017 will advance 5% to $713 billion, following gains of 11% in 2015 and an estimated 1% in 2016.
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The value of new construction starts in September decreased a slight 2% to a seasonally adjusted annual rate of $703.7 billion, according to Dodge Data & Analytics. This follows the 22% jump for total construction starts in August, which witnessed the highest monthly pace for construction starts so far in 2016.
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New construction starts in August soared 21% to a seasonally adjusted annual rate of $711.2 billion, according to Dodge Data & Analytics, following lackluster activity in July. The August rise for total construction starts featured an especially elevated amount for nonresidential building, which was helped by the start of a $3 billion petrochemical plant in Louisiana, the $1.7 billion Wynn Casino in the Boston MA area, and a $508 million terminal upgrade at Seattle-Tacoma International Airport.
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“While the loss of momentum for total construction starts in June and July may raise some concern about the overall health of the construction industry, it’s useful to keep in mind that the recent declines were tied to two segments, public works and electric utilities, that are prone to volatility on a month-to-month basis,” stated Robert A. Murray, chief economist for Dodge Data & Analytics.
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A ranking of the top U.S. metropolitan areas by the dollar amount of construction starts for...
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New construction starts in June decreased 7 percent from the previous month to a seasonally...
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