Nonresidential building starts rose 20 percent in May to a seasonally adjusted annual rate of $355.1 billion, according to the Dodge Construction Network. Through the first five months of 2022, nonresidential building starts were 17 percent higher than during the first five months of 2021.
For the 12 months ending May 2022, nonresidential building starts were 20 percent higher than in the 12 months ending May 2021.
“Nonresidential building construction is clearly trending higher with broad-based resilience across the commercial, institutional and manufacturing spaces. However, growth in the residential market has been choked off by higher mortgage rates and rapidly falling demand for single family housing," says Richard Branch, chief economist for Dodge Construction Network.
The big projects in May
The largest nonresidential building projects to break ground in May were the $950-million Meta Hyperscale data center in Temple, Texas; the $940-million Digital Dulles data center in Dulles, Virginia; and a $540-million mixed-use building in New York, New York.
