Dodge Data & Analytics, New York, has reported construction starts fell 4% in January. Total construction starts were down 11% for the 12 months ending January compared with the 12 months ending January 2020.
“The tenuous beginning to construction starts in 2021 highlights the long and rocky road ahead for the sector this year,” said Richard Branch, chief economist for Dodge Data & Analytics. “Over the course of the year, the economy will recover as more Americans receive their vaccinations. However, the construction sector’s recovery will take time to materialize due to the deep scars caused to the industry by the pandemic. Patience will be key in the months to come.”
Nonresidential building construction were unchanged in January. Commercial construction starts rose 1% as a significant gain in warehouse construction offset other declines. Institutional starts dropped 9%, and manufacturing starts surged 81% as two large projects began.
Residential building construction fell 4% in January. Single-family housing dropped 3%, and multifamily construction decreased 7%.
Nonbuilding construction fell 10% in January, experiencing a decline in every sector.
For the 12 months ending January, nonresidential building was down 25% compared with the 12 months ending January 2020. Residential building rose 5%, and nonbuilding construction fell 15%.
Date : Jan. 01, 0001