Value of Phoenix-area Construction Starts Drops in May

Article originally posted on Phoenix Business Journal on July 2, 2020

Nearly $891 million worth of residential and nonresidential construction projects began in the Phoenix area in May, a 19% drop from May 2019, when the region’s economy was full speed ahead and $1.1 billion worth of construction projects started, according to Dodge Data and Analytics.

Residential construction, which includes both single-family homes and multifamily development, saw a steeper drop than nonresidential building. Nearly $610 million worth of residential projects began construction in May 2020, a 20% drop from the same month last year.

Despite a steeper decline, residential construction counted for more than double the total spent on nonresidential for the month. Nearly $285 million worth of nonresidential projects began construction in May, a 17% decline from May 2019.

May marked the first month of decreases in the value of construction starts in 2020, the data shows. In April, $1.02 billion worth of construction projects began in the Phoenix metropolitan statistical area, still a 6% increase over the year-earlier period.

Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2020/07/02/value-of-phoenix-area-construction-starts-decrease.html?iana=hpmvp_phx_news_headline

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