Nonbuilding starts drive month-over-month expansion
BEDFORD, MA 鈥擠ecember 19, 2024 鈥� Total construction starts increased 5% in November to a seasonally adjusted annual rate of $1.2 trillion, according to . Nonresidential building starts grew 2%, nonbuilding starts moved 16% higher, while residential building starts fell 1%. On a year-to-date basis through November, total construction starts were up 5% from the first 11 months of 2023. Nonresidential starts were up 4%, residential starts were up 7% and nonbuilding starts were up by 5%.听
For the 12 months ending November 2024, total construction starts were up 4% from the 12 months ending November 2023. Residential starts were up 7%, nonresidential starts were up 2% and nonbuilding starts rose 4% over the same period.听听
鈥淐onstruction starts continue to move sideways as the market waits for further rate cuts,鈥� stated Richard Branch, chief economist of 抖阴下载网站. 鈥淓levated interest rates, labor shortages, and strict lending standards will continue to constrain construction activity in the near term.鈥�听
Nonbuilding
Nonbuilding construction grew 16% in November to a seasonally adjusted annual rate of $368 billion. Environmental public works starts jumped 63%, while utility/gas starts moved 35% higher, and miscellaneous nonbuilding starts grew 3%. Highway and bridge starts fell 11% in November.听 On a year-to-date basis through November, total nonbuilding starts were 5% higher when compared to a year ago. Miscellaneous nonbuilding starts were up 27%, environmental public works starts were 16% higher, and鈥痟ighway and bridge starts improved by 6%, but utility/gas starts were down 16% through November. 听
For the 12 months ending November 2024, total nonbuilding starts were 4% higher than the 12 months ending November 2023. Miscellaneous nonbuilding starts were 27% higher, environmental public works gained 14%, highway and bridge starts increased by 6%, but utility/gas starts were down 18%.听听
The largest nonbuilding projects to break ground in November were a $2.9 billion Central Everglades Reservoir Embankment projects in Palm Beach County, Florida, the $2.0 billion Bahia NGL Pipeline across several counties in Texas, and the $1.4 billion SR 520, I-5 to Montlake bridge replacement in Seattle, Washington. 听
Nonresidential听
Nonresidential building starts rose 2% in November to a seasonally adjusted annual rate of $470 billion. Commercial starts were 43% higher during the month thanks to an increase in data center, warehouse, and parking garage starts, while institutional starts fell 9% following a strong gain in October. Manufacturing starts, which posted a large gain in October, retreated, falling 52%. On a year-to-date basis through November, total nonresidential starts were up 4%. Institutional starts were 17% higher, while commercial starts were up 5%, and manufacturing starts were 33% lower on a year-to-date basis through November.听听
For the 12 months ending November 2024, nonresidential building starts were up 2% when compared to the previous 12 months. Manufacturing starts were down 40%, commercial starts were up 5%, and institutional starts were 18% higher for the 12 months ending November 2024.
The largest nonresidential building projects to break ground in November were the $3.4 billion Brooklyn Detention Facility in Boerum Hill, New York, the $1.4 billion AWS Amazon data center in Ridgeland, Mississippi, and the $750 million Frontier Scientific cold storage facility in Wilmington, North Carolina.听听听听
Residential听
Residential building starts fell 1% in November to a seasonally adjusted annual rate of $371 billion. Single-family starts rose 5%, while multifamily starts were down 12%. On a year-to-date basis through 11 months, total residential starts were 7% higher. Single-family starts increased 15%, and multifamily starts were down 9% on a year-to-date basis.听
For the 12 months ending November 2024, residential starts were 7% higher than the previous 12 months. Single-family starts were 16% higher, while multifamily starts were 9% lower on a 12-month rolling sum basis.
The largest multifamily structures to break ground in November were the $675 million Utopia Living apartments in Flushing, New York, the $312 million Calyer Place residential building in Greenpoint, New York, and the $235 million Hoboken Connect mixed-use development in Hoboken, NJ.听
Regionally, total construction starts in November rose in the Northeast, South Atlantic, and West and South Central regions but fell in the Midwest.听听
