Residential Construction Slowing While Non-Residential Picks Up
DC-area residential construction starts in the month of May fell from last year, while non-residential starts increased steadily, a new report shows.
A Dodge Data and Analytics report showed May residential construction starts for DC and its neighboring counties totaled roughly $518M, down 2% from May 2015.
Non-residential construction, on the other hand, picked up a significant amount. Total non-residential, which includes office, retail, industrial and storage, starts came out to roughly $590M, up 18% from 2015.
Both of these trends have been visible throughout the first half of 2016. Residential construction starts year-to-date are down 13% from the same period in 2015, while non-residential construction is up 61%.
A report in November predicted office buildings would drive 2016 construction, which appears to be the case.