ConstructConnect Releases 2024 January Construction Starts Data
Cincinnati, Ohio, February 26, 2024 – ConstructConnect, a leading provider of software solutions for the preconstruction industry, announced today that the January 2024 dollar volume of nonresidential construction starts was $56.5 billion, an increase of 59.6% versus the December 2023 figure of $35.4 billion.
Construction starts include the total estimated dollar value and square footage of all nonresidential projects on which ground is broken. Highlights of the report include:
Category Performance Mixed
The dollar volume of nonresidential construction starts in January 2024 was down 8.9% from January 2023. Dollar volume in industrial construction was down 60.5%, institutional decreased 15.3%, and commercial was down 13.6%, while upside results in the engineering category starts were 46.8%.
"The latest January Starts results provided further proof of a highly fragmented industry. In particular, several Civil categories reported big gains during the month, especially All Other Civil, Manufacturing and Roads."
Michael Guckes, Sr. Economist, ConstructConnect
Project Trends
From 2005 to the present, twelve-month moving averages show upward movement in the categories of Road & Highways, as well as, Water & Sewage projects. Bridge starts moved sideways, while Miscellaneous Civil projects (including power, pipeline, and railroad projects) showed impressive strength.
Mega Projects
January of this year included five mega projects ($1 billion or more each), which added $15.9 billion to the starts volume. Alaska's $8 billion Willow Bear Tooth oil development site was among the latest mega projects in the starts data.
The full report can be found in ConstructConnect economic resources.
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.