Sharp Gains Reported for Nonbuilding Construction and Nonresidential Building
NEW YORK – April 18, 2019 – New construction starts in March advanced 16% from the previous month to a seasonally adjusted annual rate of $809.2 billion, according to Dodge Data & Analytics. The substantial gain followed a lackluster performance during the first two months of 2019, as total construction starts in March were able to climb back to a level slightly above the average monthly pace during 2018. The nonbuilding construction sector, comprised of public works and electric utilities/gas plants, jumped 40% in March from a weak February, lifted by the start of a $4.3 billion liquefied natural gas (LNG) export terminal in Cameron LA. Nonresidential building increased 24% in March, aided by groundbreaking for several large projects. These included the $1.6 billion Toyota-Mazda automotive manufacturing facility in Huntsville AL, a $1.1 billion hotel and theater redevelopment in New York NY, and the $850 million renovation of the KeyArena in Seattle WA. In contrast, residential building slipped 3% in March, as multifamily housing retreated for the second consecutive month. During the first three months of 2019, total construction starts on an unadjusted basis were $164.5 billion, down 10% from the same period a year ago. On a twelve-month moving total basis, total construction starts for the twelve months ending March 2019 essentially matched the corresponding amount for the twelve months ending March 2018.
: Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, size growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.somethingwhimsy.com.
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