ConstructConnect reported today in the Construction Economy Snapshot that the November 2024 volume of Total Nonresidential construction starts—the sum of Nonresidential Building and Heavy Engineering—was $37.5 billion, a decrease of $23 billion, or 38%, compared to an upward-revised October reading of $60.5 billion.
Total US Construction Starts, the combined total of Nonresidential and Residential Starts, finished November with an underwhelming $58.4 billion.
Chief Economist Michael Guckes, the report’s author, said, “Compared to the prior month and the same month one year ago, spending was down a hefty 28.6% and 29.1%, respectively.”
November 2024 Total US Construction Starts. Image: ConstructConnect
Guckes added, “The year-to-date “YTD” total now stands at $878.9 billion. When measured YTD vs. YTD one year ago, spending is now down 2.3%; however, much of this is a result of November’s weak reading.”
Michael Guckes, Chief Economist, ConstructConnect
Guckes said that YTD results, “especially those during the first half of 2024, were much more favorable, indicating growth of between 5% and 7%. The slowing and now contraction in YTD vs year-ago results can be largely attributed to contracting activity in residential and nonresidential building starts.”
Year-to-date Nonresidential Building (NRB) construction starts currently total $350.2 billion, down $36.4 billion, or 9.4%, from the comparable period a year ago.
November 2024 Total Nonresidential Building Starts. Image: ConstructConnect
Heavy Engineering construction spending continues to be a bright spot for the sector, with YTD spending of $253.4 billion, a gain of 17.0% from the same period one year ago.
Total construction for Residential construction spending has experienced a YTD contraction of $20.8 billion, or 7.0%.
November 2024 Total Residential Building Starts. Image: ConstructConnect
The report said that the entirety of this contraction has come from decreasing multifamily housing starts, which have fallen by 23.3% YTD or $25.6 billion. In contrast, single-family spending has increased by 2.6%.
About ConstructConnect
Construction Starts Here™ at ConstructConnect, where our mission is to help the construction industry start every project on a solid foundation. A leading provider of software solutions for the preconstruction industry, ConstructConnect empowers commercial construction firms to streamline their workflows and maximize productivity. ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
ConstructConnect reports the top ten nonresidential construction starts monthly in the Construction Economy Snapshot from Michael Guckes Chief...
ConstructConnect reports the top ten nonresidential construction starts monthly in the Construction Economy Snapshot from Michael Guckes Chief...
ConstructConnect Nonresidential Construction Starts with Chief Economist Michael Guckes Construction Economy trend graphs, regional starts data, labor
ConstructConnect Nonresidential Construction Starts with Chief Economist Michael Guckes Construction Economy trend graphs, regional starts data, labor