Building and construction begins flatline even as making booms
Dive Brief:
Overall building and construction begins ticked up 1% in January to a seasonally changed yearly rate of $1.16 trillion, according to Dodge Construction Network.
Even with December's huge bounce where begins rebounded 20% off of a 10-month low in November, the limited uptick in January suggests building activity is still simply hardly treading water over the previous year and has to do with 1% lower than in January 2023.
"Construction starts are having a hard time to gain ground in the brand-new year," stated Richard Branch, primary economic expert for Dodge Construction Network. "Construction begins will continue to have a hard time early on in 2024 as greater rates of interest and tight credit requirements are decreasing jobs moving through the preparation cycle to begin."
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