Dive Brief:
- Construction starts increased 10% in April from March's numbers, as the month's starts reached an annual rate of $698.7 billion, Dodge Data & Analytics reported.
- The rebound was largely the result of two major projects started in April: a $1.2 billion mixed-use high-rise in New York City and an $8.1 billion petrochemical plant in Louisiana.
- Dodge Data's index also found that total construction starts for the first four months of the year saw a steep increase of 24% from the same period in 2014.
Dive Insight:
Nonresidential building jumped 58% in April, boosted by the megaprojects, while residential building fell 3%.
Dodge Data Chief Economist Robert A. Murray said the substantial effect of major project starts has created a sense of volatility in the industry, as a lack of megaprojects resulted in a drop in starts last month.
Despite these constant changes in results, Murray picked out a few key takeaways and emphasized the "broadening scope" of the nonresidential sector. He also described the single-family market's progress as inching up, but still remaining "hesitant," and multifamily's growth as occurring "at a healthy clip."
