{"id":28351,"date":"2024-11-21T09:43:29","date_gmt":"2024-11-21T17:43:29","guid":{"rendered":"https:\/\/essential.construction\/news\/construction-starts-increase-4-in-october\/"},"modified":"2024-11-21T09:43:31","modified_gmt":"2024-11-21T17:43:31","slug":"construction-starts-increase-4-in-october","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/construction-starts-increase-4-in-october\/","title":{"rendered":"Construction Starts Increase 4% in October"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div itemprop=\"text\">\n<div align=\"center\">\n<p><iframe loading=\"lazy\" title=\"Construction Starts - October 2024\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/FWMTaxdR5eA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p style=\"text-align: left;\"><em><strong><span data-contrast=\"auto\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun MacChromeBold SCXW212311181 BCX0\"><span class=\"NormalTextRun SCXW212311181 BCX0\">Nonresidential starts gain ground offsetting residential weakness<\/span><\/span><\/strong><\/em><span class=\"LineBreakBlob BlobObject DragDrop SCXW212311181 BCX0\"><em><strong><span class=\"SCXW212311181 BCX0\">\u00a0<\/span><\/strong><\/em><br class=\"SCXW212311181 BCX0\"\/><\/span><span data-contrast=\"auto\" xml:lang=\"EN-US\" lang=\"EN-US\" class=\"TextRun MacChromeBold EmptyTextRun SCXW212311181 BCX0\"\/><\/p>\n<p><b><span data-contrast=\"auto\">BEDFORD, MA \u2014November 21, 2024 \u2014<\/span><\/b> <span data-contrast=\"auto\">Total construction starts increased 4% in October to a seasonally adjusted annual rate of $1.2 trillion, according to <\/span><a rel=\"nofollow noopener\" href=\"http:\/\/construction.com\/\" target=\"_blank\"><span data-contrast=\"none\">Dodge Construction Network<\/span><\/a><span data-contrast=\"auto\">. Nonresidential building starts grew 14%, nonbuilding starts moved 2% higher, while residential building starts fell 3%. On a year-to-date basis through October, total construction starts were up 3% from the first 10 months of 2023. Residential starts were up 7%, nonresidential buildings rose 1%, and nonbuilding starts were up by less than one percent.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For the 12 months ending October 2024, total construction starts were up 1% from the 12 months ending October 2023. Residential starts were up 6% and nonresidential and nonbuilding starts were each down 1%.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cConstruction starts have yet to see the impact of falling interest rates,\u201d said Richard Branch chief economist of Dodge Construction Network. \u201cSeveral more rate cuts will be needed to start moving construction projects through the planning process to start. Clarity, though, has improved now that the election is in the rearview mirror; however, developers may wait until the full scope of President-elect Trump\u2019s legislative agenda comes into better focus.\u201d<\/span><span><br \/><\/span><\/p>\n<p><b><span data-contrast=\"auto\">Nonbuilding<\/span><\/b><\/p>\n<p><span data-contrast=\"auto\">Nonbuilding construction rose 2% in October to a seasonally adjusted annual rate of $314 billion. Miscellaneous nonbuilding starts jumped 38% during the month, while highway and bridge starts moved 7% higher, environmental public works starts fell 6%, and utility\/gas plants lost 25%. On a year-to-date basis through October total nonbuilding starts were flat when compared to a year ago. Miscellaneous nonbuilding starts were up 19%, environmental public works starts were 9% higher, and\u202fhighway and bridge starts improved by 5%, but utility\/gas starts were down 21% through October. <\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For the 12 months ending October 2024, total nonbuilding starts were 1% lower than the 12 months ending October 2023. Miscellaneous nonbuilding starts were 19% higher, environmental public works gained 6%, highway and bridge starts increased by 5%, but utility\/gas starts were down 22%.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">The largest nonbuilding projects to break ground in October <\/span><\/b><span data-contrast=\"auto\">were a $1.6 billion natural gas pipeline and gathering system in and around Haynesville, Louisiana, the $1.3 billion Amtrack-Connecticut River bridge replacement in Old Saybrook, Connecticut, and the $1 billion Frederick Douglas Tunnel Southern Approach in Baltimore, Maryland.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Nonresidential<\/span><\/b><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Nonresidential building starts climbed 14% in October to a seasonally adjusted annual rate of $466 million. Manufacturing starts rose 114% during the month due to the start of several large projects. Institutional starts rose 13% due to higher levels of activity for education and transportation. Commercial starts fell 3% despite gains in hotel and parking starts. On a year-to-date basis through October, total nonresidential starts were up 1%. Institutional starts were 16% higher, while commercial starts were down 1%, and manufacturing starts were 33% lower on a year-to-date basis through October.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For the 12 months ending October 2024, nonresidential building starts were down 1% when compared to the previous 12 months. Manufacturing starts were down 37%, commercial starts were down 4%, and institutional starts were 17% higher for the 12 months ending October 2024.<\/span><span><br \/><\/span> <span><br \/><\/span><b><span data-contrast=\"auto\">The largest nonresidential building projects to break ground in October <\/span><\/b><span data-contrast=\"auto\">were the $2.2 billion Henry Ford hospital tower in Detroit, Michigan, the $1.4 billion third phase of the LG Electric Battery plant expansion for Toyota vehicles in Holland, Michigan, and the $1.1 billion second phase of the Southwest Florida Airport expansion in Fort Meyers, Florida.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Residential<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Residential building starts fell 3% in October to a seasonally adjusted annual rate of $373 billion. Single-family starts lost 4%, while multifamily starts were down 2%. On a year-to-date basis through 10 months, total residential starts were 7% higher. Single-family starts jumped 17%, and multifamily starts were down 9% on a year-to-date basis. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For the 12 months ending October 2024, residential starts were 6% higher than the previous 12 months. Single-family starts were 17% higher, while multifamily starts were 11% lower on a 12-month rolling sum basis. <\/span><span><br \/><\/span><span><br \/><\/span><b><span data-contrast=\"auto\">The largest multifamily structures to break ground in October <\/span><\/b><span data-contrast=\"auto\">were the $384 million Federick E Samuel apartments in New York, NY, the $190 million Rivage Bal Harbour luxury condominiums in Bal Harbour, Florida, and the $190 million 1 K St. Southwest mixed-use building in Washington, D.C.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Regionally,<\/span><\/b><span data-contrast=\"none\"> total construction starts in October rose in the Northeast, Midwest and South Atlantic, but fell in the West and South Central regions.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26358\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2024\/11\/Starts-posted-November-300x183.png\" alt=\"Starts Posted November\" width=\"570\" height=\"347\"  \/><\/p>\n<\/div>\n<div>\n<div class=\"wpb_wrapper\">\n<p>###<\/p>\n<p><strong>About Dodge Construction Network<\/strong><br \/><span data-teams=\"true\"><span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Dodge Construction Network harnesses data, analytics, and industry connections to be the leading source of insights and opportunities in the commercial construction industry. With five trusted solutions-<strong>Dodge Construction Central, The Blue Book, Sweets, IMS,<\/strong> <strong>and <\/strong><strong>Principia<\/strong>-Dodge connects construction professionals across all stages of the building process. Designed for both small teams and large enterprises, these tools simplify complexity, empowering you to build thriving businesses and communities. With over a century of experience, Dodge Construction Network is the catalyst for modern construction. To learn more, visit .<\/span><\/span><\/p>\n<p><strong>Media Contact<\/strong>:<br \/>| <a rel=\"nofollow noopener\" href=\"https:\/\/www.construction.com\/company-news\/construction-starts-increase-4-in-october\/mailto:**@**********on.com\" data-original-string=\"LcbIleU97IIYcasFVbyoIg==1dbYz2jDsvtyimLKzAKX2dX2mnERNpq20Lb7bXv+PVVBHg=\" title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. 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