NEW JERSEY (Feb. 17, 2021) —According to Dodge Data & Analytics' latest Construction Starts release total construction starts dropped 4% in January to a seasonally adjusted annual rate of $794.3 billion. For the 12 months ending January 2021 total construction starts were 11% below the 12 months ending January 2020. Nonresidential starts were down 25%, while nonbuilding starts dropped 15%. Residential starts, however, were 5% higher for the 12 months ending January 2021.
Despite the dour news, it’s important to note that January 2020 was strong, thanks in part to a cyclical upswing in construction starts that began back in 2010, and with only one month completed for 2021, a year-to-date analysis provides little information.