Construction starts rose 19% in March, according to Dodge Construction Network, with nonresidential starts rising 33%, nonbuilding starts increasing 17% and residential starts moving 5% higher.
In part, the good news may be attributable to the absence of collateral damage-yet-from the failure of the California banks. "Construction starts activity has yet to see the impact of tightening financial conditions in the wake of the failure of Silicon Valley and Signature Banks," said Richard Branch, Chief Economist for Dodge Construction Network.
In addition, total construction starts were 11% higher than the 12 months ending a year ago, and nonresidential and nonbuilding starts were 33% and 21% higher, respectively. Residential starts lost 11%, however.
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