Total construction starts fell 27% in January to a seasonally adjusted annual rate of $865.6 billion, according to Dodge Construction Network, a dramatic reverse from December, when new project kickoffs ended 2022 on the upswing. On a year-over-year basis, total construction was 14% lower in January 2023 than in January 2022. Despite the stark contrast from a month before, Richard Branch, Dodge’s chief economist, said the numbers should be viewed in context of the unusually strong momentum seen at the end of 2022. “While some construction sectors will face stress as the year progresses, current fundamentals point to an industry that is fairly well positioned to weather the storm,” Branch said.
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