Total construction starts fell 27% in January to a seasonally adjusted annual rate of $865.6 billion, according to the Dodge Construction Network.
"It was not a great month for construction starts, at least when you look at it in these aggregate terms," said Richard Branch, chief economist for Dodge Construction Network.
By the numbers, he said, nonresidential building starts fell 38%; residential starts lost 20%, and nonbuilding starts declined by 16%.
Regionally, total construction starts in January fell in all five regions.
Comparatively, total construction was 14% lower in January 2023 than in January 2022. Nonresidential building starts were down 2%, nonbuilding starts rose 10%, and residential starts lost 34%.
For the 12 months ending January 2023, total construction starts were 13% higher than the 12 months ending January 2022. Nonresidential starts rose 36%, residential starts lost 6%, and nonbuilding starts were up 19%.
Branch emphasized that "one month does not a trend make."
