Total construction starts rose 3% in April to a seasonally adjusted annual rate of $945.8 billion, according to Dodge Construction Network. Nonresidential building starts rose 6% and residential starts increased by 4%, while nonbuilding starts fell 4%.
Prices of materials and services used in new nonresidential construction leaped nearly 21 percent in April from year-ago levels, according to an analysis of government data by the Associated General Contractors of America.
The Associated General Contractors of America and Procore Technologies, Inc., announced that they have met their initial fundraising goal of $500,000 for a new scholarship to support minority students studying construction at the nation’s Historically Black Colleges & Universities (HBCUs).
Construction employment climbed by 19,000 jobs between February and March, while spending on construction projects rose for the 12th month in a row in February, according to an analysis of government data by the Associated General Contractors of America.
Despite production bottlenecks and rising construction costs, total housing starts led by a strong multifamily reading posted a solid gain in February as demand stays strong and existing inventory remains at low levels.
Prices of construction materials used in new nonresidential construction jumped more than 21 percent from February 2021 to February 2022, according to an analysis by the Associated General Contractors of America of government data.