Construction How are US construction starts trending?

UBS Evidence Lab has access to monthly data on construction starts from Dodge Data & Analytics, which the US Census uses for its C30 report on non-residential construction spending.

09 Jun 2020
  • We receive this data 10 days before the official monthly report is released. Unlike the government report, we have county-level data for all major end-markets and construction project types, as well as the full value of projects based on general contractors' winning bids.
  • According to the latest data, April trailing-12-month non-residential starts fell 2.5% y/y in value terms. The biggest declines were in Wyoming (-84%), Tennessee (-60%), and Montana (-50%), while the largest increases were in Delaware (+94%), Vermont (+72%), and West Virginia (+64%).
  • Within non-residential construction, warehousing (excluding manufacturing) saw the largest growth, followed by government and healthcare.
  • Hotel and dormitory construction declined 24% y/y and 23% y/y, respectively.
  • Residential construction rose 2.5% y/y in value terms.
  • The largest decreases were in Massachusetts (-18%), Kentucky (-15%) and California (-15%), while the biggest increases were in Hawaii (+40%), Tennessee (+27%), and Arizona (+25%).
  • Construction of two-family houses increased over 10% in value terms, while apartments declined.

April Non-Residential Construction Starts: Trailing 12 Months (y/y Change in Project Value)

Source: UBS Evidence Lab, Dodge Data & Analytics

April Non-Residential Construction Starts: Trailing 12 Months (y/y Change in Value)

Source: UBS Evidence Lab, Dodge Data & Analytics

April Residential Construction Starts: Trailing 12 Months (y/y Change in Project Value)

Source: UBS Evidence Lab, Dodge Data & Analytics

April Residential Construction Starts: Trailing 12 Months (y/y Change in Value)

Source: UBS Evidence Lab, Dodge Data & Analytics