Dodge Data & Analytics, New York, has reported construction starts fell 2% in December 2024 after rising 5% in November 2024.
Nonresidential building construction rose 2% in December 2024 as commercial starts climbed 6% and manufacturing starts advanced 19%. Institutional starts declined 3%.
Residential building construction grew 4% in December 2024 after falling 1% in November 2024. Single-family housing fell 3%, and multifamily starts rose 24%.
Nonbuilding construction decreased 14% in December 2024.
For the 12 months ending December 2024, total construction starts were up 6% compared with the 12 months ending December 2023. Residential building rose 7%; nonbuilding construction rose 7%; and nonresidential building was up 4%.
“Rate cuts prior to December supported some momentum in multifamily and commercial starts over the month,” said Sarah Martin, associate director of forecasting at Dodge Construction Network. “Sustained labor shortages and elevated materials prices will continue to add risk to the sector, in addition to the concern over tariffs and more strict immigration enforcement. Overall, the strength in the value of projects in planning and further Fed rate cuts should encourage growth in construction in 2025.”
