Dive Brief:
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Since the beginning of the year, $25.1 billion worth of new construction projects have started in and around Houston, which Forbes, in its listing of the 20 U.S. cities with the most new construction, calls “the nation’s oil capital.”
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The New York metropolitan area ranked No. 2 on the list, with $23.3 billion in new construction starts since January. That area’s two largest projects are medical facilities worth $800 million apiece.
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No. 3 is Dallas, where $10.8 billion in new construction started so far this year—less than half of the top two markets. See the full list here.
Dive Insight:
Unlike prior economic recoveries, much of the strength of the construction market this time around is coming from growth in non-residential building. A big driver is manufacturing; Dodge Data estimates that construction starts in that sector will be up 57% over 2013 by the end of the year. Still, residential construction looms large, with $227 billion worth starts in 2014—much of it for multifamily housing.