Value of U.S. nonresidential construction starts totaled US$269.9B in 2009, down 6.8% from 2008, according to Reed Construction Data
January 22, 2010
(Reed Construction Data)
– The value of U.S. nonresidential construction starts totaled US$269.9 billion in 2009, down 6.8% from 2008, Reed Construction Data reported Jan. 21.
In December, construction starts were 13.2% lower than in November, reversing a large gain in the previous month-over-month period. The company bases its report on its own database of active U.S. construction projects, excluding single-family homes.
Developers have virtually stopped beginning major projects, Reed reports. In December, only two projects of more than $50 million were started.
Nonresidential building starts fell 17% for 2009. Commercial building starts fell 30% for the year. Starts for hotels, parking garages, and offices all fell more than 40% for the year.
The primary source of this article is Reed Construction Data, Norcross, Georgia, on Jan. 21, 2009.