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Construction contracts awarded in the metro Houston area totaled $33.9 billion through the first ten months of ’22, up from $26.6 billion compared to the same period in ’21, according to the latest report from Dodge Data & Analytics.
The pace of residential construction has slowed recently. In January, February and March of this year, residential activity was up 66.8 percent compared to the same period in ’21. However, in the most recent three months (August, September, October), activity was down 4.7 percent. Q2/22 saw a 5.7 percent decrease in activity. Rising mortgage rates, higher home prices, and sagging consumer confidence have begun to weigh on residential construction.
Non-residential activity saw dramatic growth, up 218.3 percent in the most recent three months versus the comparable period in ’21. The region has seen a surge in manufacturing-related construction.
Prepared by Greater Houston Partnership Research
Patrick Jankowski, CERP
Senior Vice President, Research
Construction starts in Houston totaled $2.2 billion in October '22.