蜜桃传媒app

BOSTON, MA 鈥� December 22, 2025 鈥�听Total construction starts were down 20.5% in November to a seasonally adjusted annual rate of $1.22 trillion, according to 蜜桃传媒app. Nonresidential building starts fell by 13.4%, residential starts increased 13.3%, and nonbuilding starts dropped 43.7% over the month. On a year-to-date basis through November, total construction starts were up 5.1% from last year. Nonresidential starts were up 4.7%, residential starts were down 4.9% and nonbuilding starts were 17.5% higher over the same period. For the 12 months ending November 2025, total construction starts were up 5.7% from the 12 months ending November 2024. Residential starts were down 3.6%, nonresidential starts grew 4.8%, and nonbuilding starts were up 18.0% over the same period. 听

鈥淎 lack of megaproject activity contributed to a weak November for construction starts,鈥� stated Eric Gaus, Chief Economist at 蜜桃传媒app. 鈥淭here were only 2 structures over a billion dollars. Looking through the noise of the last two months, the trajectory of the last half of 2025 has been much better than the first half.鈥� 听

Residential听

Residential building starts听rose by 13.3% in听November听to a seasonally adjusted annual rate of听$368听billion. Single family听starts听increased 3.1%, while multifamily starts听jumped 35.6%. On a year-to-date basis through听November, residential starts are down听4.9% 鈥� with single family starts down听12.8% and multifamily starts up听12.4%.听听

For the 12 months ending听November听2025, total residential starts fell听3.6%. Single family starts fell听11.2% compared to the 12 months ending听November听2024, and multifamily starts increased听12.4% over the same period.听听

The largest multifamily structures to break ground in听November听were the $391听million听Residential Mixed Use, in Seattle, WA, the $228听million听Marine Drive Apartments/Parking – Phase 1听in听Buffalo,听NY听and the $224听million听Namdar Mixed-Use Residential-Swimming Pool-Parking Phase 2听in听Miami,听FL.听听

Nonresidential听

Nonresidential building starts听decreased 13.4%听in听November听to听a seasonally adjusted annual rate of听$485听billion. Commercial starts were听down 25.8%,听alongside听declines听in offices and data听centers (-40.5%听m/m) and听hotels听(-33.2%听m/m). Meanwhile,听parking听garages听(30.5% m/m),听retail stores听(8.3% m/m)听and听warehouses听(6.4% m/m)听posted growth听between听October听and听November. Institutional starts听improved听听11.4%, driven by gains in听public听(+78.8% m/m)听and education buildings (+32.1% m/m)听鈥撎齜ut听offset by declines in听amusement听(-51.1.8% m/m) and听dormitories听(-45.9% m/m). Manufacturing activity听remains听volatile,听falling 50.7% in听November.听On a year-to-date basis through听November, nonresidential starts are听up听4.7%听compared to听the first听eleven听months of听2024. Commercial听and industrial听starts are听up听11.6%听and听institutional听starts are听down听2.0%听over the same period.听

For the 12 months ending听November听2025, total nonresidential starts were听up听4.8%听compared to the 12 months ending听November听2024. Commercial starts were up听19.9%, institutional starts听declined 1.5%, and manufacturing starts were down听13.7%听over the same period.听听

The largest nonresidential building projects to break ground in听November听were the听$1.8听听LAX听Terminal 5 Renovation & Reconstruction听in Los Angeles, CA., the听$800听million听Amazon – Southern Site – Data Center听in听Olive Township, IN,听and听the $797听million听New UCSF Benioff Children’s Hospital Campus听in听Oakland,听CA.听听

Nonbuilding听听

Nonbuilding听construction听starts declined 43.7% in听November听to a seasonally adjusted annual rate of听$362 billion.听Miscellaneous nonbuilding (-70.4% m/m)听drove the听declines, along with听utilities (-61.4 m/m) and Highway and bridges (-4.9%). Environmental public works听starts听rose听by听6.8% over the month.听On a year-to-date听basis through听November, nonbuilding starts were up听17.5%,听alongside gains in miscellaneous nonbuilding (+42.6% m/m), utilities (+49.5%), highways and bridges (+1.7%)听while听environmental public works听declined 1.4%.听听

For the 12 months ending听November听2025, total nonbuilding starts were up听18.0%. Environmental public works improved by听2.0% compared to the 12 months ending听November听2024. Highway and bridge听starts听were up听2.1%, miscellaneous nonbuilding starts were up听40.6%听and听utility/gas starts increased听47.8% over the same period.听听

The largest nonbuilding projects to break ground in听November听included the听$1.7听billion听Entergy Meta Substations – 500kv Line (Sarepta to Mt Olive)听in听Rayville,听LA听the $922听million听Easley Renewable Energy Solar Array 400MW/650MW BESS听in听Dester Center,听CA听and the $900听million听The New Castle Bluff Energy Center Natural Gas Power Plant听in听St Louis, MO.听听

Regionally,听total construction starts in听November听rose听in听the听Northeast (+17.9%), and听the West (+3.7% m/m). Starts听declined in the听South Central听(-49.2% m/m),听Midwest (-7.7% m/m),听and the听South Atlantic听(-8.4% m/m)听between听October听and听November.听听