Although the number of monthly building starts are not yet at the pre-Great Recession peak, CMD reports the numbers are getting closer.
CMD announced today that January’s level of U.S. construction starts, excluding residential work, was $24.7 billion, an increase of 9.8 percent versus December. The nearly double-digit percentage increase was noteworthy since there is usually (i.e., average over 10-years-plus) a December-to-January decline, due to seasonality, of 8.5 percent.
All three major types of-structure categories reporting month-to-month starts increases in January, institutional construction was the leader at +21.3 percent, followed by heavy engineering/civil project seeing a +13.6 increase, with commercial construction showing a modest +3.8 percent increase.
Comparing standalone January 2016 with its counterpart in 2015, there were increases in all categories.
Heavy engineering starts valued at $10.051 billion recorded the largest leap forward with a 20.1 percent increase. Road and highway work accounted for nearly 50 percent of the category’s total.
Commercial starts, valued at $7.037 billion, increased 13.2 percent, with hotel and retail starts shooting up +141 percent.
Institutional starts valued at $6.745 billion were more modest, up 2.6 percent, with school and college projects accounting for nearly 60 percent of that growth.
To read CMDgroup's complete report, click here.