More shovels hit the ground on infrastructure jobs in November, boosted by public dollars that continue to flow into environmental projects and state road improvements.
Total construction starts increased by 5%. in November at a seasonally adjusted annual rate of $1.2 trillion, according to the Dodge Construction Network. Nonbuilding activity, such as highways, bridges and utility plants, led the way with a 16% increase, while nonresidential building starts gained 2%. Housing starts fell 1%, continuing the industry’s recent pattern of modest fluctuations, according to the report.
“Construction starts continue to move sideways as the the market expects more rate cutssaid Richard Branch, chief economist at Dodge Construction Construction Network. “High interest rates, labor shortages and tight lending rules will continue to limit construction activity in the near term.” .
Dodge economists previously forecast a Collection of activities next yearespecially if the Federal Reserve implements further rate cuts. However, this conciliatory sentiment from the Fed may be changing after the central bank meeting on 18 December. While it issued its third cut of the year, it also said there were only two further rate cuts in 2025.
Here are the nine largest projects in the U.S. that will break ground in November:
- The $3.4 billion Brooklyn Detention Center in Boerum Hill, New York.
- The $2.9 billion Central Everglades Reservoir Embankment Project in Palm Beach County, Florida.
- The $2 billion Bahia NGL pipeline in several Texas counties.
- The $1.4 billion SR 520, I-5 to Montlake bridge replacement in Seattle.
- Amazon’s $1.4 billion data center in Ridgeland, Mississippi.
- Frontier Scientific’s $750 million cold storage facility in Wilmington, North Carolina.
- The $675 million Utopia Living apartments in Flushing, New York.
- The $312 million Calyer Place residential building in Greenpoint, New York.
- The $235 million Hoboken Connect mixed-use development in Hoboken, New Jersey.
YTD growth
Total construction starts were up 5% compared to the first 11 months of 2023, according to Dodge.
During this period of the year, non-residential starts increased by 4%, largely due to strong growth in the institutional sector, such as healthcare and education. Manufacturing activity, one of the largest nonresidential sectors, slowed 33% compared to the first 11 months of 2023, according to Dodge.
According to the report, innovations in the non-building and residential sectors increased by 5% and 7%, respectively, during the period of the year.
On a monthly basis, non-residential starts rose 2% in November, largely due to solid growth in data center, warehouse and garage construction. Manufacturing construction slowed in November, largely due to strong industry developments in October, according to Dodge.
According to the report, non-building starts grew 16% in November, while residential construction starts fell 1%.
