The first half of 2022 was big in construction starts, says Dodge Construction Network. "During the first six months of the year, the value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. increased 24% from 2021." On average, national starts were up 18% year to date.
Three major metros—Seattle, Los Angeles, and Philadelphia—among the top 10 in dollars faced a decline compared to the first half of 2021.
The biggest driver of the increase was demand for apartments and condos. As many analyses and statistics suggest, the combination of major geographic shifts and a long-standing large gap between housing needs and construction have helped boost activity. There has also been gating factors of supply chain problems, sky-high materials prices, and labor shortages that delayed many projects last year.
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