According to Dodge Data & Analytics, construction starts in February jumped forward 16 percent at a seasonally adjusted annual rate of $724.3 billion. The Dodge Index for February read 153 compared to January’s 132 reading.
Nonbuilding construction in February increased 9 percent to $253.8 billion. The increase was due in part to the electric utility and gas plant category, which rose 17 percent. In addition, the public works construction category increased 2 percent, highway and bridge construction rose 12 percent, and river and harbor development was up 29 percent. The miscellaneous public works category fell 33 percent in February.
Nonresidential building in February advanced 42 percent at $224.9 billion, with the manufacturing building category rising 663 percent, the commercial building group increasing 19 percent and office construction jumping 19 percent.
The institutional side of nonresidential building increased 20 percent, with educational facilities growing 14 percent and healthcare facilities advancing 92 percent.
Residential building also experienced an increase, growing 5 percent to $245.7 billion. Multifamily housing rose 46 percent, while single family housing fell 7 percent.
