°µÍø½ûÇøConnect announced today that March 2021’s volume of construction starts, excluding residential work, was $32.2 billion, an increase of +60.1% versus February’s distressed level of only $20.1 billion.
Click here to read the complete March 2021 Industry Snapshot article, Ìý– below is a short excerpt.
Total nonresidential (NR) groundbreakings in the latest month received boosts from three mega-sized projects, an auto plant expansion in Tennessee and two big hospital jobs located in Ohio and California.
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Leaving aside the exceptional weakness of total NR starts in the previous month (February), latest March’s starts volume failed to match year-ago March’s level, falling short by -7.9%.
Also, year to date starts through the first quarter of 2021 were off by one-fifth (-20.0%) relative to January-March 2020.
Keep in mind that Q1 of last year was mostly ‘normal’ with respect to a broad range of economic indicators, including ‘starts’. The truly harmful effects caused by the outbreak of coronavirus infections occurred from Spring 2020 on. Proceeding further into 2021, a ‘diminishing base (or denominator) effect’ will put a better polish on year-over-year comparisons.
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Alex Carrick is Chief Economist for °µÍø½ûÇøConnect. He has delivered presentations throughout North America on the U.S., Canadian and world construction outlooks. Mr. Carrick has been with the company since 1985. Links to his numerous articles are featured on Twitter , which has 50,000 followers.
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