Construction starts moved 37% higher from October to November, reaching a seasonally adjusted annual rate of $988.9 billion.
The large percentage gain was not only a response to a particularly weak October, but also numerous massive projects that broke ground during the month. By major sector, nonresidential building starts gained 61% over the month, while nonbuilding starts moved 82% higher. Residential building starts were flat from October to November.
November’s gain pushed the Dodge Index to 209 (2000=100) compared to the 153 posted in October. The dichotomy between the weakness in October and strength in November is startling. However, the average of the two months is 181 – not much higher than the 11-month average of 173.