Total construction starts fell 1% in March to a seasonally adjusted annual rate of $1.06 trillion, according to Dodge Construction Network. Nonresidential building starts fell 9%, while nonbuilding starts improved by 7%, and residential starts moved 1% higher. On a year-to-date basis through March total construction starts were up 13% from the first three months of 2023. Residential starts were up 24%, while nonbuilding starts gained 16% and nonresidential building starts rose 2%.
For the 12 months ending March 2024, total construction starts were up 1% from the 12 months ending March 2023. Nonresidential building starts were down 8% while residential starts were flat, and nonbuilding starts were up 18% on a 12-month rolling sum basis.