At a seasonally adjusted annual rate of $677.8 billion, new construction starts in November climbed 13% from the previous month, according to Dodge Data & Analytics (formerly McGraw Hill Construction). Nonresidential building had a particularly strong month, lifted by the start of several unusually large projects, including two massive manufacturing plants and an airport terminal redevelopment.
The nonbuilding construction sector also contributed to the latest month’s surge, boosted by a liquefied natural gas facility. Meanwhile, residential building retreated in November, as multifamily housing settled back from its brisk pace in October. For the first 11 months of 2014, new construction starts on an unadjusted basis were $530.8 billion, up 7% from the same period a year ago.