Overall construction starts are expected to rise 7% in 2024, following a 1% increase in 2023, Richard Branch, chief economist at Dodge Construction Network, said during the 2024 Dodge Construction Outlook presented on Nov. 17. The 2023 increase will bring total starts to an estimated $1.124 billion, with $1.206 billion forecast for 2024.
In the residential sector, Dodge predicts single-family construction will end this year down 12%, measured in units, before climbing 3% in 2024. Branch notes that while the bottom for single-family starts has passed, mortgage rates need to ease before the sector will see stronger growth. Multi-family work is expected to follow a similar pattern, dropping 13% by the end of 2023, with a 3% increase in 2024.
