Dive Brief:
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Two oversized construction projects in the manufacturing sector broke ground in November, boosting construction starts overall by 13% over October, despite a slip in homebuilding.
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Dodge Data & Analytics said car maker Tesla’s $2.5 billion Nevada battery factory and a $1.3 billion nitrogen urea plant in Oklahoma helped move nonresidential building starts up by 32% in November.
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The nonbuilding construction also had a good month, bolstered by the start of a $3.6 billion Dominion Resources Cove Point LNG Liquefaction Project in Maryland.
Dive Insight:
Nonresidential building in the commercial and institutional sectors has been growing moderately, thanks in part to state and local bond measures and greater investor interest. Robert Murray, the chief economist for Dodge Data and Analytics, notes in the report that bump in nonresidential building "has finally turned the corner after five years of decline, aided by the improved financing climate and the passage of numerous construction bond measures in recent years."