According to Dodge Data & Analytics, new construction starts in December decreased 16 percent to a seasonally adjusted annual rate of $568.2 billion, reading 120 for the Dodge Index.
In December, nonresidential building fell 23 percent to $196.6 billion, with manufacturing plant construction falling 73 percent, the commercial building group slipping 5 percent and store construction rising 10 percent. In addition, the institutional building group fell 10 percent, educational facilities dropped 4 percent and healthcare facilities decreased 5 percent. The public buildings category also increased 62 percent.
Residential building improved 3 percent in December to $247.3 billion, with multifamily housing rising 14 percent and single-family housing decreasing 1 percent.
Finally, nonbuilding construction in December fell 32 percent to $124.3 billion, which was due in large to a 79 percent fall for the electric power and gas plant category. New public works projects fell 10 percent, water supply systems decreased 25 percent and miscellaneous public works declined 43 percent. Highway and bridge construction increased 2 percent.
Despite the decrease in December, the annual total for 2014 advanced 7 percent to $575.3 billion.
In 2014 as a whole, residential building climbed 17 percent to $208.2 billion, with the manufacturing building category increasing 74 percent, the commercial building group growing 15 percent and the institutional building group advancing 8 percent.
Residential building for 2014 increased 8 percent to $227.8 billion, due to a 2 percent increase in single-family housing and a 28 percent climb in multifamily housing.
Finally, nonbuilding construction in 2014 dropped 6 percent to $139.2 billion. Public works construction decreased 7 percent, and highway and bridge construction fell 15 percent. However, miscellaneous public works rose 4 percent.
