Project groundbreakings posted their largest increase of the year in April after a slow start, according to Dodge Construction Network.
Total construction starts rebounded 6% to a seasonally adjusted annual rate of $1.06 trillion, according to Dodge Construction Network. The increase reversed a two-month streak of declines in February and March, said Richard Branch, chief economist for Dodge Construction Network.
That’s largely due to stability around labor and material prices, Branch said.
“The rebound in starts in April was certainly good news for the sector,” said Branch. “While the uncertain timing of Fed interest rate cuts is causing concern, developers and owners are feeling reasonably confident that end-market demand will sustain project starts in some sectors.”
