The top Metropolitan area for commercial and multifamily starts last year was the New York Metropolitan area coming in at $37.1 billion, a 37% increase from 2021.
Next was Dallas with $16.7 billion, a 57% increase from the previous year and Washington DC was third with $11.4 billion, up 38%. “2022 will go down as a banner year for construction starts,” said Richard Branch, chief economist for Dodge Construction Network. “Even when adjusted for inflation, commercial and multifamily starts were impressive as construction activity began to move back toward downturn urban cores.”
Commercial and multifamily starts are up 37% in 2022. The growth was attributed to an increase in data centers and retail spaces. A rising demand for apartments and condos also fueled growth in the multifamily development sector. However, activity is expected to slow over the next year due to a faltering economy.