Total construction starts jumped 8% in October to a seasonally adjusted rate of $1.12 trillion following two consecutive months of decline, according to a Dodge Construction Network report. Year to date through October, total construction starts posted a 16% gain from 2021. Nonresidential building starts rose 37%, nonbuilding kickoffs jumped 17% and residential commencements remained flat, according to the report. The rebound in starts signals the construction industry “continues to weather the storm of higher inflation rates,” said Richard Branch, chief economist for Dodge, in the report. Nonbuilding construction starts rose 26% in October to a seasonally adjusted annual rate of $277.7 billion. Nonresidential building starts rose 9% in October to a seasonally adjusted annual rate of $480.5 billion.
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