Despite ongoing challenges like shortages of key materials and labor, rising prices and higher interest rates, the pandemic recovery continues for the construction industry. Growth morphed this year beyond warehouses and single-family housing to include improvement in other commercial sectors as well, according to the Dodge release.
Nationally, combined multifamily and commercial starts increased 18% in the first half of 2022 to $139.5 billion. Several areas however — Seattle; Los Angeles; Philadelphia; Boston; Nashville, Tennessee; Kansas City, Missouri; Chicago and Minneapolis — posted a decline. San Jose, California, saw the biggest percentage increase at 186% year-over-year growth.