At a seasonally adjusted annual rate of $724.3 billion, new construction starts in February advanced 16% compared to the previous month, according to Dodge Data & Analytics. Much of the lift came from three massive projects valued each in excess of $1 billion that were included as February construction starts.
The nonbuilding construction sector was boosted by an $8.4-billion liquefied natural gas export terminal in Louisiana and a $1.2-billion solar power facility in California, while nonresidential building registered a sharp gain partly as the result of a $3.0-billion petrochemical plant in Texas. Residential building also strengthened in February, as growth for multifamily housing outweighed a loss of momentum by single-family housing.