Gains in residential and nonresidential construction not enough to offset drop in nonbuilding
HAMILTON, New Jersey — January 19, 2022 — Total construction starts were flat in December with a seasonally adjusted annual rate of $879.3 billion, according to Dodge Construction Network. Residential construction starts gained 4% in December 2021, while nonresidential building starts improved by 3%. Nonbuilding starts, however, declined 12%.
Across 2021, total construction starts rose by 12% compared to 2020. Residential starts moved 20% higher, and nonresidential buildings increased 12%. Nonbuilding starts were flat in 2021.
“The increase in construction starts was impressive given the many challenges the industry faced during the year. Higher material prices, labor shortages, and multiple waves of COVID infections threatened to dampen the recovery,” stated Richard Branch, chief economist for Dodge Construction Network. “However, construction remained resilient and persistent throughout the year in the face of these difficult issues. While these challenges will remain in 2022, the industry is well-positioned to make further gains fed by a growing pipeline of nonresidential projects waiting to break ground and the infusion of money directed towards infrastructure.”
Below is the breakdown for construction starts:
Regionally, total construction starts in December rose in the South Atlantic and Northeast regions, but fell in the Midwest, South Central, and West regions.
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Cailey Henderson | 104 West Partners | firstname.lastname@example.org
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