Total construction starts fell 14% in November to a seasonally adjusted annual rate of $867.8 billion, according to research released by Dodge Construction Network.
The short-term outlook remains cloudy due to continued escalation in material prices and labor shortages, said Richard Branch, chief economist for Dodge Construction Network.
He added that while construction should see some reprieve in 2022, these challenges will restrain the industry's ability to fully capitalize on both the large number of projects in planning and funding resulting from the infrastructure package. The result will be moderate growth in construction starts over the near-term, according to the report.
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