Total Construction Moves Higher in February

Manufacturing starts surge; single family, offsetting losses elsewhere

By Garry Bartecki, GB Financial Services, LLC HAMILTON, NJ | March 21, 2023 — Total construction starts rose 6% in February to a seasonally adjusted annual rate of $912.8 billion, according to Dodge Construction Network. During the month, residential and nonresidential building starts rose 11% and 9% respectively, and nonbuilding starts declined by 5%. For the first two months of 2023, total construction starts were 17% below that of 2022. On a year-over-year basis, residential starts were down 31%, nonresidential starts were off 14%, while nonbuilding starts gained 6%. For the 12 months ending February 2023, total construction starts were 9% higher than the 12 months ending February 2022. Nonresidential and nonbuilding starts were 27% and 19% higher respectively, while residential starts lost 9%. READ FULL ARTICLE>>