ConstructConnect Releases 2023 December and Full-Year Construction Starts Data
Cincinnati, Oh., January 23, 2024 -- ConstructConnect, a leading provider of software solutions for the preconstruction industry, announced today that December 2023 volume of nonresidential construction starts was $33.6 billion, a decrease of 34.1% versus November 2023’s figure of $51.0 billion.
Construction starts include the total estimated dollar value and square footage of all nonresidential projects on which ground is broken.
In 2023, the total year nonresidential construction starts rose 4% higher than in 2022. December nonresidential construction starts dropped when compared to November 2023 and year-ago results in December 2022.
Standout building categories include Hotel and Motel starts up 26%, and Schools increased by 22% for the year-over-year period from December 2022 to December 2023.
Drops in construction starts, by 2023-dollar volume versus a year ago, which includes Medical down 27% and Industrial decreasing 16%, are largely the result of lofty December 2022 results, where many mega-projects began construction in these two categories.
“The reduction in the number and volume of mega-projects projects with construction values in excess of $1 billion in December 2023 accounted for the big percent-change drops in the month-to-month and year-over-year statistics.”
ConstructConnect Chief Economist Alex Carrick
ConstructConnect will publish its new construction starts forecast on February 1st, 2024 here. The report includes a five-year forecast through 2028 of construction starts by type of structure and by state, as well as drivers influencing each building sector.
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.