October Construction Starts Fall 11 Percent
Summary
NEW YORK--(BUSINESS WIRE)--New construction starts declined 11% in October to a seasonally adjusted annual rate of $696.3 billion, according to Dodge Data & Analytics. “Concern over the health of the U.S. economy continues to play a key role in the pullback in starts over the past few months,” stated Richard Branch, Chief Economist for Dodge Data & Analytics. This steep decline comes after a very strong September that saw two projects valued at nearly $1 billion break ground — a consolidated rental car facility in Los Angeles CA and a large manufacturing complex in Detroit MI. The largest nonresidential building project to break ground in October was the $600 million Vision Northland Medical Campus in Duluth MN. Commercial starts were up 3% due to gains in office buildings, warehouses and parking structures, while institutional construction was down 6% through October with all major categories posting declines.