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News March 31, 2020

February contracts decreased 1%

Dodge Data & Analytics, New York, has reported construction starts dropped 1% in February. Total construction starts in February were up 3% compared with February 2019.

“The good news is that heading into the coronavirus pandemic, construction starts were stable,” says Richard Branch, chief economist for Dodge Data & Analytics. “The economy was healthy fueled by continued steady job growth. Of course, the pandemic’s effect on future starts is as yet unknown. Construction firms will need to deal with multiple issues including supply-chain disruptions, workforce constrictions due to the outbreak, and an economy that has moved from a pace near its long-term potential to a virtual stall within the space of a week."

Nonresidential building construction increased 7% in February, as large office and health care projects were underway. Commercial construction starts rose 7% in February, and institutional starts grew 13%.

Residential building construction fell 4% in February. Single-family housing dropped 7%, and multifamily construction rose 3%.

Nonbuilding construction decreased 9% in February.

For the 12 months ending in February, nonresidential building was up 3% compared with the 12 months ending February 2019. Residential building increased 1%, and nonbuilding construction rose 7%.

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