March Construction Starts Slide Back 13% Nationwide
New construction starts in March retreated 13% from the previous month to a seasonally adjusted annual rate of $633.3 billion, according to Dodge Data & Analytics. The decline followed strong gains in January (up 9%) and February (up 17%), when construction was lifted by the start of several massive projects valued each in excess of $1 billion, including four liquefied natural gas (LNG) terminal projects, a petrochemical plant and a solar power facility.
While the March statistics did include the start of a $2.3-billion highway project in Florida, the boost coming from projects in excess of $1 billion was substantially less than what occurred during the first two months of the year. By major sector, March showed diminished activity for nonresidential building and nonbuilding construction while residential building held steady.