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Starts Data Shows 4% Annual Growth, But Category Results Mixed Blog Feature

By: Alex Carrick, Chief Economist on January 29, 2024

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Starts Data Shows 4% Annual Growth, But Category Results Mixed

ConstructConnect Releases 2023 December and Full-Year Construction Starts Data

Cincinnati, Oh., January 23, 2024 -- ConstructConnect, a leading provider of software solutions for the preconstruction industry, announced today that December 2023 volume of nonresidential construction starts was $33.6 billion, a decrease of 34.1% versus November 2023’s figure of $51.0 billion.  

Construction starts include the total estimated dollar value and square footage of all nonresidential projects on which ground is broken. 

Annual Starts Grow

In 2023, the total year nonresidential construction starts rose 4% higher than in 2022. December nonresidential construction starts dropped when compared to November 2023 and year-ago results in December 2022. 

Hotel and Schools Categories Shine 

Standout building categories include Hotel and Motel starts up 26%, and Schools increased by 22% for the year-over-year period from December 2022 to December 2023. 

Year-Over-Year Starts by Dollar Volume

Drops in construction starts, by 2023-dollar volume versus a year ago, which includes Medical down 27% and Industrial decreasing 16%, are largely the result of lofty December 2022 results, where many mega-projects began construction in these two categories.  

“The reduction in the number and volume of mega-projects projects with construction values in excess of $1 billion in December 2023 accounted for the big percent-change drops in the month-to-month and year-over-year statistics.” 

ConstructConnect Chief Economist Alex Carrick

ConstructConnect will publish its new construction starts forecast on February 1st, 2024 here. The report includes a five-year forecast through 2028 of construction starts by type of structure and by state, as well as drivers influencing each building sector. 

About ConstructConnect

Construction Starts Here™ at ConstructConnect, where our mission is to help the construction industry start every project on a solid foundation. A leading provider of software solutions for the preconstruction industry, ConstructConnect empowers commercial construction firms to streamline their workflows and maximize productivity. ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.

 

About Alex Carrick, Chief Economist

Alex Carrick is Chief Economist for ConstructConnect. He has delivered presentations throughout North America on the U.S., Canadian and world construction outlooks. Mr. Carrick has been with the company since 1985.

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