Dodge Construction Network Reports Construction Starts Rose 6% in April

After two consecutive months of declines, Dodge Construction Network reports that total construction starts rose 6% in April to a seasonally adjusted annual rate of $1.13 trillion.

According to the report, nonresidential building starts gained 17% and nonbuilding starts were 4% higher, while residential starts declined by 1% in April.

Year-to-date through April, total construction starts were up 13% when compared to the same 4-month period in 2023. Residential starts were up 22%, while nonbuilding starts were up 14.0% and nonresidential build starts increased 5.0%.

Year-over-year, total construction starts were up 2.0%. Nonresidential building starts declined 8%, while residential starts were up 3%. Nonbuilding starts were up 16% on a 12-month rolling sum basis.

In remarks accompanying the report, Dodge Construction Network’s chief economist, Richard Branch, said:

“The rebound in starts in April was certainly good news for the sector. While the uncertain timing of Fed interest rates cuts is causing concern, developers and owners are feeling reasonably confident that end-market demand will sustain project starts in some sectors. While risk remains in the sector for interest rates, labor, and material prices, the value of projects in planning has been reasonably stable indicating future confidence.”