Total construction starts increased 19% in March to a seasonally adjusted annual rate of $1.09 trillion, according to Dodge Construction Network.
“Construction starts began the year with gusto," said Richard Branch, chief economist at Dodge Construction Network.
Nonresidential starts rose 33%, nonbuilding starts increased 17%, and residential starts moved 5% higher in March, he said.
Total construction starts in March also rose in all five regions.
Overall for Q1 of 2023, Branch said, total construction starts were 9% below that of 2022, having started with a 27% decline in January.
Year-to-date, the economist stated, residential starts were down 29%, and nonresidential and nonbuilding starts grew 6% and 12%, respectively.
Dodge Construction Network
