During the first five months of 2015, total construction starts on an unadjusted basis were reported at $272.5 billion, up 25 percent from the same period a year ago. The current year has included the start of 12 massive projects valued each at $1 billion or greater, compared to five such projects during the corresponding period of 2014. If these projects valued at $1 billion or greater are excluded, total construction starts on an unadjusted basis would be up a more moderate 10 percent year-to-date.
The May statistics raised the Dodge Index to 154 (2000=100), up from a revised 149 for April. Through the first five months of 2015 the Dodge Index averaged 145, boosted by particularly strong readings in February, April and May.
Through the first five months of 2015, the top five states for highway and bridge construction were Florida, Texas, California, New York and Illinois. States ranked six through 10 for highway and bridge construction during this time were Pennsylvania, North Carolina, Ohio, New Jersey and Indiana.
Through the first five months of 2015, the top five metropolitan areas in terms of the dollar amount of multifamily starts were the following – New York, Miami, Washington, D.C., Boston and Seattle.
The 25 percent gain for total construction starts on an unadjusted basis for the first five months of 2015 was comprised of growth for all three major construction sectors.
- Nonbuilding construction year-to-date climbed 70 percent, with electric utilities and gas plants, up 434 percent; and public works, up 11 percent.
- Residential building year-to-date advanced 14 percent, with multifamily housing, up 24 percent; and single family housing, up 10 percent.
- Nonresidential building year-to-date increased 8 percent, with manufacturing building, up 38 percent; institutional building, up 8 percent; and commercial building, down 3 percent.
By geography, total construction starts during the January-May period of 2015 showed this performance relative to last year – the South Central, up 77 percent; the Northeast, up 22 percent; the South Atlantic, up 14 percent; the Midwest, up 5 percent; and the West, up 2 percent.