The latest Dodge Construction Network report shows total construction starts fell 12% in March, reaching a seasonally adjusted annual rate of $903.8B.
Nonresidential starts fell 29%, caused primarily by three major manufacturing facilities breaking ground in February. Nonresidential starts would have increased by 10% had those projects been removed.
So far for 2022, construction is 9% higher than for the first three months of 2021. Nonresidential starts are up 26%. Total construction year-over-year is up 15%, and nonresidential is up 25%.
Nonbuilding starts had the smallest March decline, dropping 2%. Environmental public works were up 35%, and miscellaneous nonbuilding was up 10%. Highway and bridge projects fell 7%, and utility/gas plants fell 40%
Overall, Dodge reports March 2022 saw construction starts totaling $274.8B in nonresidential (down 29% from February), $464.5B in residential building (down 3%), and $194.5B in nonbuilding construction (down 2%).
For the year-to-date starts in nonresidential are up 26% over March 2021, reporting $73B. Residential is up 3% to $105.5B, and nonbuilding construction is down 1% to $45.1B. (Source)