Especially on the for-sale housing side, the construction market is slowing in the wake of higher interest rates and concerns about a recession in 2023.
In November, total construction starts declined by 18%, with nonresidential building starts — encompassing sectors like offices, warehouses, hotels and shopping centers — losing 25%, nonbuilding (inclusive of infrastructure projects) dropping by 21% and residential starts declining by 5%, according to Dodge Data and Analytics LLC, a Hamilton, New Jersey-based data analytics company that closely tracks the construction market.
Still, total construction starts were 14% higher in the first 11 months of 2022 compared to the same period of 2021, Dodge found.
*Article courtesy of Philadelphia Business Journal
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