Despite home prices still being on an upward climb, job growth still thriving, and available housing inventory still lacking, new construction activity throughout North Texas saw a bit of a drop in March compared to this time a year ago.
According to recently released data from Dodge Data Analytics, residential construction activity fell 8 percent year-over-year a month ago, and nonresidential commercial activity saw an even stronger decline of roughly 22 percent.
What’s particularly interesting is that as new construction slowed a bit compared to 2017 levels, new construction nationwide was actually on the rise last month, increasing by approximately 11 percent.
As for the exact figures, Dodge Data Analytics recorded $652,935,000 nonresidential projects in March 2018, and $1,206,532,000 in residential projects. Compared to last year, that’s down from $833,673,000 in nonresidential projects and $1,308,025,000 in residential new development.