Dodge Data & Analytics reports at a seasonally adjusted annual rate of $650.5 billion, new construction starts in November dropped 12% from October levels.
Nonresidential building, Dodge says, fell 14% in November, retreating for the second month in a row after the sharp improvement reported in late summer.
The non-building construction sector, which can be volatile on a month-to-month basis, plunged 32% in November after its 28% hike in October, which included the start of two large natural gas pipeline projects, Dodge reports. Meanwhile, residential building managed to edge up 1% in November, as an improved amount for single-family housing slightly outweighed a moderate pullback for multifamily housing.
Dodge says during the first 11 months of 2017, total construction starts on an unadjusted basis were $687.1 billion, up 1% from a year ago. The year-to-date increase for total construction was restrained by a 39% downturn for the electric utility/gas plant category. Excluding electric utilities and gas plants, total construction starts during the first 11 months of 2017 would be up 4% compared to last year.