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Commercial and Multifamily Starts Down Year to Year

Though Many Major Markets Show Increases

Commercial and Multifamily Starts Down Year to Year

Washington DC, Boston, Los Angeles, Atlanta, Chicago and Austin, Texas reported more commercial and multifamily starts in the first half of 2019 compared to the first half of 2018.

During the first half of 2019, starts of office buildings, stores, hotels, warehouses, commercial garages and multifamily housing were down 6% from the same time period last year in spite of six of the top 10 U.S. metropolitan markets, ranked by dollar volume, registering greater activity. This reported overall decline was due entirely to the multifamily sector, which dropped 13%, while the commercial sector held even with its first half 2018 amount.

Also, according to Dodge Data & Analytics, of the top 20 markets,13 were able to produce gains. The New York metropolitan area was again number one, ranked by dollar volume, although it fell off 8% from a year ago. The Washington DC metropolitan area was ranked number two and it skyrocketed 50% compared to a year ago.

Of the remaining markets in the top 10, the metropolitan areas showing growth during the first half of 2019 versus a year ago were:
Boston ($3.8 billion), up 2%
Los Angeles ($3.8 billion), up 14%
Atlanta ($3.4 billion), up 69%
Chicago ($3 billion), up 0.4%
Austin, TX, ($2.6 billion), up 39%
The remaining markets in the top 10 showing declines were:
Dallas-Ft. Worth, TX, ($3.4 billion), down 7%
Miami ($3.1 billion), down 38%
Houston ($2.5 billion), down 4%

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October 14, 2019, 6:45 am PDT

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