Total construction starts posted 16% gains in the first nine months of 2022 compared to the same period of 2021. During that same span, nonresidential building and nonbuilding starts jumped 37% and 20%, respectively, while residential building starts remained flat.
For the 12 months ending September 2022, total construction starts were 15% above the 12 months ending September 2021. Nonresidential starts were 34% higher, residential starts gained 2% and nonbuilding starts were up 17%, according to the report.
For that reason, Branch said the decline over the past two months should be understood in a broader context.
