Reed reports a strong month for construction starts – up a solid 12.5% in November, but only up slightly from 2012.
Reed Construction Data announced today that the value of November construction starts, excluding residential contracts, rose a solid 12.5% to $25.0 billion after a 5.0% increase in October. Year-over-year comparisons are often used, as they remove much of the seasonal effects. Since starts data are not seasonally adjusted, caution should be used in analyzing monthly movements. Compared to November 2012, starts were up a less spectacular 2.0%. The year-to-date starts data, which totaled $250.5 billion, were up a decent, if not overwhelming, 4.3% from the same period in 2012.
“November’s starts reinforce the industry’s overall positive news, with very strong numbers for commercial and mostly strong numbers for heavy engineering,” stated Bernard Markstein, U.S. Chief Economist, Reed Construction Data. “On the other hand, institutional starts, down for November, are also down on a year-to-date basis and will be slow to turn around.”
In November, commercial starts rocketed up 57.5%, after a more modest 2.6% increase in October. Year-to-date, commercial starts were 33.8% higher than in the same period last year. Retail starts, the largest category in the group, advanced 2.5% in November and were up a robust 48.8% year-to-date.
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