Dodge Data & Analytics, New York, has reported construction starts dropped 6% in January. Total construction starts in January were up 1% compared with January 2019.
“Coming in slightly weaker than the previous month, January’s starts did little to change our view that construction starts will remain near their recent highs in 2020 even though they are likely to fall as the economy slows,” says Richard Branch, chief economist for Dodge Data & Analytics.
Nonresidential building construction decreased 6% in January, which would have been an 11% decline if not for the start of a large manufacturing project. Commercial construction starts fell 16% in January, and institutional starts dropped 6%.
Residential building construction fell 8% in January. Single-family housing dropped 5%, and multifamily construction fell 15%.
Nonbuilding construction decreased 2% in January.
For the 12 months ending in January, nonresidential building was down less than 1% compared with the 12 months ending January 2019. Residential building decreased 1%, and nonbuilding construction rose 8%.
