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Absence of large projects pushes nonresidential starts lower; underlying trend remains positive
HAMILTON, New Jersey — December 16, 2021 — Total construction starts fell 14% in November to a seasonally adjusted annual rate of $867.8 billion, according to Dodge Construction Network. Nonbuilding and nonresidential building starts bore the brunt of the decline, falling 30% and 21% respectively after seeing sharp increases in October as three large projects broke ground. Residential starts gained a modest 3%. Without October’s large projects, total construction starts in November would have increased by 5%.
“Large projects aside, the underlying trend continues to point to a modest recovery in construction starts,” stated Richard Branch, chief economist for Dodge Construction Network. “However, even as projects continue to move forward, the short-term outlook remains cloudy due to continued escalation in material prices and labor shortages. While construction should see some reprieve in 2022, these challenges will restrain the industry’s ability to fully capitalize on both the large number of projects in planning and funding resulting from the infrastructure package. The result will be moderate growth in construction starts over the near-term.”
Below is the breakdown for construction starts:
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Cailey Henderson | 104 West Partners | email@example.com
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