Multifamily Powers 2015 Construction Starts
New construction starts rose 8% across the US commercial real estate industry in 2015, with multifamily powering the charge at an 18% growth, a Dodge Data & Analytics report reveals. Altogether, national starts hit $162.7B in 2015, a jump from 2014's $150.3B.
NYC exploded with an 66% increase in construction, totaling $34.9B in construction starts. But other cities experienced small or negative numbers, most notably Philadelphia's 57% dive.
Besides multifamily's meteoric rise—its sixth straight year of double-digit growth—most other sectors were unchanged.
On the heels of 2014's "substantial gain," Dodge’s chief economist, Robert Murray says, “the construction start statistics do show some deceleration for the commercial building sector at the national level."