Abby Samp & Peter Colson, Oxford Economics
February 21st, 2023
U.S. construction starts grew 16.7% in 2022 to $912 billion. A record value for megaprojects (projects valued above $1 billion) was posted in 2022, with 31 such projects started for a total value of $105.3 billion. Nonresidential building starts grew 36.7%, driven by new factory buildings. Civil engineering starts grew 26.9% in 2022, with all sectors expanding except for the miscellaneous civil engineering sector. New residential construction, by contrast, fell 2.2%. On a regional basis, new construction grew in all four major regions, led by construction in the South.