Construction shakes off concerns about material prices and Delta variant to post solid growth
HAMILTON, New Jersey — October 19, 2021 — Total construction starts rose 10% in September to a seasonally adjusted annual rate of $889.7 billion, according to Dodge Construction Network. All three sectors improved: nonresidential building starts rose 15%, residential starts moved 9% higher, and nonbuilding starts increased by 6%.
“Construction starts have struggled over the last three months as concerns over rising prices, shortages of materials, and scarce labor led to declines in activity,” stated Richard Branch, Chief Economist for Dodge Construction Network. “The increase in September, however, partially allays the fear that construction is headed for a free-fall and shows that owners and developers are still ready to move ahead with projects. Starts are likely to continue to trend in a positive but sawtooth fashion in the coming months until a more balanced recovery takes hold next year.”
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Allison Heard | 104 West Partners | email@example.com
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