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A slowdown in the launches of megaprojects caused in general innovative impulse to cool down in November, according to the Dodge Construction Network.
Total construction starts fell 20.5% in November to a seasonally adjusted annual rate of $1.22 trillion. The investment follows an increase in megaprojects that begin in October, led by manufacturing jobs and data centers.
“A lack of megaproject activity contributed to a weak November for construction starts,” Eric Gaus, chief economist at Dodge Construction Network, said in the statement. “There were only 2 structures over a billion dollars.”
Despite the monthly drop, overall innovative activity remains higher than in November 2024. Gaus added that “the trajectory of the last half of 2025 has been much better than the first half.”
Nonresidential starts, which include commercial and institutional projects, declined 13.4% in November, according to Dodge. Commercial activity fell 25.8%, led by a 40.5% decline in office and data center projects, followed by a 33.2% decline in hotel construction. Manufacturing activity, which has varied greatly month-to-month throughout 2025, also fell 50.7% in November.
But not all non-residential segments weakened in November. Institutional projects, such as education and health, grew by 11.4% during the month. Other categories with steady increases include parking and the retail and warehouse industries, according to the report.
These are the biggest projects to start in November, according to Dodge.
- The $1.8 billion renovation and reconstruction of LAX Terminal 5 in Los Angeles.
- The $1.7 billion Entergy Meta substations in Rayville, Louisiana.
- The $922 million Easley Renewable Energy Solar Array in Dester Center, California.
- The $900 million New Castle Bluff Energy Center natural gas plant in St. Louis.
- Amazon’s $800 million data center in Olive Township, Indiana.
- The $797 million UCSF Benioff Children’s Hospital campus in Oakland, California.
- A $391 million mixed-use residential project in Seattle.
- The $228 million Marine Drive apartments and parking lot in Buffalo, New York.
- The $224 million Namdar mixed-use residential, pool and parking project in Miami.
Non-building starts, such as highways, bridges and other infrastructure, posted the sharpest decline in November. Starts in the group fell by 43.7%, led by the sharp decrease in public service projects, according to the statement.
Still, even with the project slump starting in November, non-building activity remains strong over a longer horizon. Year-to-date through November, non-building starts were up 17.5%. In the 12 months ending in November 2025, total non-building starts rose 18%, according to Dodge.
Residential construction, on the other hand, posted a rare positive month, with industry starts up 13.3% in November, the statement said. In the longer term, however, activity followed the pace of 2024. During the first 11 months of 2025, residential starts decreased by 4.9%. For the 12 months ending in November 2025, total residential starts fell 3.6%, according to Dodge.
