Even as the building sector slows down, key metropolitan areas continue to experience strong growth.
While the market for new home and commercial construction continues to moderate and come off the robust growth of the pandemic years, some parts of the country are maintaining above-average start rates.
That’s according to the Dodge Construction Network which keeps track of such things and said its most recent numbers reflecting the first half of 2022 show the gains are coming mostly in the residential side of the marketplace although the commercial end of construction is also healthy. All of these numbers show builders, contractors and others in the trade still have good upside potential coming into 2023.
Here are the Top 10 metropolitan areas for construction and multifamily starts as charted in the most recent numbers by Dodge:
- New York City: Up 20% to $15.3 billion
- Dallas: Up 72% to $8.1 billion
- Washington, DC: Up 35% to $5.5 billion
- Miami: Up 31% to $4.5 billion
- Austin, TX: Up 70% to $4.3 billion
- Phoenix: Up 53% to $4.2 billion
- Atlanta: Up 68% to $4.2 billion
- Seattle: Down 10% to $3.5 billion
- Los Angeles: Down 14% to $3.4 billion
- Philadelphia: Down 3% to $3.2 billion
