A string of multibillion-dollar manufacturing and data center projects caused construction starts to jump by 21% last month.
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A total of 10 projects valued at $1B or more broke ground over the course of the month, according to a report by Dodge Construction Network.
Among the largest projects to break ground in October were the $7.5B, 2,250-acre Meta Hyperion data center in Richland Parish, Louisiana, the $2B LA Convention Center expansion, and the $1.7B Eli Lilly manufacturing facility in Lebanon, Indiana.
Commercial building starts rose by nearly 18%, while nonbuilding starts, which include infrastructure projects, jumped 59%.
That includes the $15B Calcasieu Pass LNG Export Terminal and Pipeline in Cameron, Louisiana; the second phase of the Rio Grande LNG Facility, costing $9B, in Brownsville, Texas; and the $6B Frederick Douglass Tunnel Improvement in Maryland.
However, residential starts in October dropped by more than 15%, driven by a fall in multifamily construction. While single-family starts increased 2%, multifamily starts plummeted nearly 39%.
“Growth in construction starts continued to be propped up by high-value megaproject activity last month,” Dodge Associate Director of Forecasting Sarah Martin said in a statement. “Outside of these high-tech buildings, however, growth appears more moderate.”
More than $1T of projects have broken ground in the first 10 months of this year, according to the report. Of that, $394B are attributed to commercial developments and $317B are for residential buildings.
Year-to-date, total construction starts ticked up about 6% from the first 10 months of 2024.
In that time, commercial starts are up almost 6% year-over-year, nonbuilding starts increased nearly 20%, and residential starts decreased 5%.
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