Dodge Data & Analytics reported today that total construction starts increased 6% in June to a seasonally adjusted annual rate of $641.4 billion. This marks the second consecutive monthly gain in construction starts following the COVID-19 induced declines in March and April. In June nonresidential building starts gained 6% and starts in the nonbuilding sector moved 27% higher. Residential starts, by contrast, fell 6% during the month.
Read MoreDodge Data & Analytics has appointed Daniel (Dan) McCarthy as the company’s new CEO. The company stated that as a versatile and experienced CEO, he will bring an established track record of 25+ years of exceptional leadership, talent development, and strategic focus in successfully transforming businesses and driving growth initiatives to Dodge’s organization.
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Dodge Data & Analytics announced today that total construction starts declined 25% from March to April to a seasonally adjusted annual rate of $572.2 billion as COVID-19 and economic recession hit the construction sector. In April, nonresidential building starts fell 37% from March, while residential dropped 25%. The decline in nonbuilding construction starts was more tepid, falling just 5% due to strong activity in streets and bridges.
Read MoreThe Dodge Momentum Index moved 6.0% lower in April to 135.9 from the revised March reading of 144.5. Both components of the Momentum Index pulled back during the month – the commercial component fell 7.6%, while the institutional component dropped 3.2%.
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The drop in March was present in both components of Dodge Data & Analytics’ Momentum Index – the commercial component fell 0.8%, while the institutional component was 0.2% lower. It is still very early on in the COVID-19 crisis and March’s data would not fully capture any potential impact of the pandemic on construction planning. Dodge will be monitoring the progress of the projects entering the planning process and will provide frequent updates as the crisis evolves.
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“Last year (2019) will go down as one of the most volatile years for monthly construction starts due the lumpy nature of large projects,” stated Richard Branch, Chief Economist of Dodge Data & Analytics. “Looking beyond the influence of these massive projects, it is evident that the uncertainty surrounding trade policy weighed on construction activity last year.”
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Dodge Data & Analytics announced today that the Dodge Momentum Index increased 1.5% in December. Both components of the Momentum Index rose over the month – the institutional component gained 2.3%, while the commercial component rose 0.9%.
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Dodge Data & Analytics announced today that new construction starts declined 11% in October to a seasonally adjusted annual rate of $696.3 billion. This is the third consecutive monthly drop in construction starts activity. “Concern over the health of the U.S. economy continues to play a key role in the pullback in starts over the past few months,” stated Richard Branch, Chief Economist for Dodge Data & Analytics. “However, solid real estate fundamentals (such as vacancy rates) in addition to stable public funding will continue to support a modest level of construction activity across both public and private projects.”
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Dodge Momentum Index October’s increase was due entirely to a recovery in institutional planning projects, which had stepped back over the previous few months. Institutional planning moved 22.8% higher in the month while commercial planning lost 0.5%.
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New construction starts moved 5% lower in September to a seasonally adjusted annual rate of $774.1 billion, according to Dodge Data & Analytics. By major sector, nonbuilding construction fell 13% in September, while residential construction dropped 6%. On the plus side, nonresidential construction starts rose 1% during the month aided by the start of a large manufacturing project.
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