New construction starts total $500b for 2013
Evidence that a sustained economic recovery is well under way in the United States continues to build — literally and figuratively. U.S. construction starts grew again during 2013, advancing 6 percent over the 2012 total to $516.8 billion, according to data from McGraw Hill Construction. While it is not quite the 10 percent gain experienced in 2012, it is a positive sign for continued recovery after the modest 2 percent gains seen in 2010 and 2011.
The growth was led by $205.5 billion in residential property starts, up 24 percent from the 2012 figures. The year saw single-family housing starts experience significant increases in all five major U.S. regions, led by a 33 percent increase in the South Atlantic, and saw a 26 percent increase nationwide.
Multifamily housing starts saw nationwide growth of 16 percent, though growth may be slowing after the major increases seen in 2011 (33 percent) and 2012 (