The total construction industry starts increased nine percent in February 2022. The new construction of three “large manufacturing facilities” boosted nonresidential building starts up 32%. Without the large manufacturing projects, total construction would have declined six percent in February, according to Construction Business Owner magazine.
The manufacturing facilities are:
- $10 billion – Intel chip fabrication plants/Chandler, AZ
- $1.5 million – Steel mill/Osceola, LA
- $550 million – Intel semiconductor facility renovation/Rio Rancho, NM
Manufacturing may continue to drive construction industry business, but other sectors are facing challenges.
Other construction industry statistics for February 2022 include:
- Nonbuilding construction – <1%
- Highway/bridges – >2%
- Misc. – <26%
- Public works – <23%
- Utility/gas plant starts – >66%
- Nonresidential – >32%
- Commercial – <8%
- Institutional – <22%
- Residential – <3%
- Multifamily – >2%
- $400 million – Central condos/St. Petersberg, FL
- $220 million – Journal Squared apartments/Jersey City, NJ
- $147 million – Miami World Tower/Miami, FL
- Single-family – <4%
- Multifamily – >2%
February 2022 was negatively influenced by weather and the war against Ukraine. The continued material and labor issues and expenses may be causing some construction industry business owners to put the brakes on project startups. They may be pausing just long enough to examine areas in which costs can be cut for better balance.
Data Continues To Drive Construction Operations, Marketing
Our construction industry is embracing digital transformation. Ninety-five percent of construction project site workers say they’d utilize technology-driven tools that would make their jobs easier. Software implementations have added efficiency and accuracy that saves time and money, so it’s an all-around win-win for companies investing in technology.
Construction Monitor data is used by project managers and construction industry business owners for project statistics and marketing leads. Our information helps: It tells you what your competitors and potential partners are developing. You can study historical trends so you can make informed decisions about future investments. All you need to do is use it. We’ll help with that too. Call 800.925.6085 (International/435.586.1205) or contact Construction Monitor.