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Dodge Data & Analytics, New York, has reported construction starts rose 4% in January despite contractors facing rising materials prices and labor shortages.
Nonresidential building construction rose 4% in January. Institutional starts rose 10%, commercial construction starts increased 8% and manufacturing starts fell 42%.
Residential building construction fell 1% in January. Single-family housing rose 2%, and multifamily construction declined 10%.
Nonbuilding construction rose 18% in January.
For the 12 months ending in January, nonresidential building was up 14% compared with the 12 months ending January 2021. Residential building rose 19%, and nonbuilding construction rose 3%.
“Construction starts continue to climb, mostly unimpeded by rising materials prices and shortages of labor and key materials,” said Richard Branch, chief economist for Dodge Construction Network. “The number of projects in the planning pipeline suggests that the rising trend in construction should continue for the time being and will be spread across more sectors than last year. While the outlook is positive, the many challenges facing the sector will limit upside potential.”
Tags: Business | Residential | Commercial | Trends