The value of construction projects started in the greater Houston area fell sharply across both the residential and nonresidential sectors in May, according to a new Dodge Data & Analytics report.
Area construction totaled $1.1 billion in May, down 42% from the $1.8 billion the year earlier, according to Dodge Data & Analytics.
Residential construction fell 27% to $797.8 million, while nonresidential activity fell 61% to $305.7 million. Dodge did not provide an explanation for the drop.
For the 12-month period ending in May, construction starts totaled $19.6 billion, up 9.8% from the $17.9 billion for the comparable period in 2018, according to a Greater Houston Partnership report based on the Dodge Data.
Several projects got started in May, according to the Greater Houston Partnership. Among them: Lockwood Business Park, a 124,800-square-foot industrial building by McCord Development in northeast Houston’s Generation Park; Cypress Preserve Logistics Center, a project of Davis Commercial in north Houston; the 148-room Hyatt House Metropark Shenandoah/The Woodlands in Sam Moon Group’s mixed-use development in Shenandoah; and The Marcel District, a 68,785-square-foot mixed-use development by the Marcel Group in Sugar Land.
The Dodge Data report covers the 10-county Houston region. Nonresidential projects include office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government, recreational and other buildings. Residential projects include both single-family and multifamily housing.
Tribune Content Agency