Total construction starts rose 8% in October to a seasonally adjusted annual rate of $1.12 trillion, according to Dodge Construction Network. In October, nonresidential building starts gained 9%, and nonbuilding starts rose 26%; however, residential starts fell by 3%.
Year-to-date, total construction was 16% higher in the first ten months of 2022 compared to the same period of 2021. Nonresidential building starts rose 37% over the year, residential starts remained flat, and nonbuilding starts were up 17%.