Dodge Outlook 2021 predicts a slow and uneven recovery throughout the year.
NEW JERSEY – November 10, 2020 – Dodge Data & Analytics (https://www.construction.com) today released its 2021 Dodge Construction Outlook, a mainstay in construction industry forecasting and business planning. The report predicts that total U.S. construction starts will increase 4% in 2021, to $771 billion.
“The COVID-19 pandemic and recession has had a profound impact on the U.S. economy, leading to a deep drop off in construction starts in the first half of 2020,” stated Richard Branch, Chief Economist for Dodge Data & Analytics. “While the recovery is underway, the road to full recovery will be long and fraught with potential potholes. After losing an estimated 14% in 2020 to $738 billion, total construction starts will regain just 4% in 2021.”
“Uncertainty surrounding the next wave of COVID-19 infections in the fall and winter and delayed fiscal stimulus will lead to a slow and jagged recovery in 2021. Business and consumer confidence will improve over the year as further stimulus comes in early 2021 and a vaccine is approved and becomes more widely distributed, but construction markets have been deeply scarred and will take considerable time to fully recover. The dollar value of starts for residential buildings will increase 5% in 2021, nonresidential buildings will gain 3%, and nonbuilding construction will improve 7%. Only the residential sector, however, will exceed its 2019 level of starts thanks to historically low mortgage rates that boost single family housing.”
The pattern of construction starts for more specific segments is as follows:
The 2021 Dodge Construction Outlook was presented at the virtual 82nd annual Outlook Executive Conference held by Dodge Data & Analytics. Copies of the report with additional details by building sector can be ordered by contacting Kelli Gaglione at firstname.lastname@example.org.
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