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North Texas construction starts fell in May, with the biggest declines coming in residential building.
Residential project starts were 25% lower last month than in May 2018, according to a new report from Dodge Data & Analytics.
And commercial building starts were down 3% from a year ago.
Total building starts for the month were 16% behind 2018 levels, according to Dodge Data.
Nationwide, new construction starts were up 10% in May.
"Market fundamentals for commercial building and multifamily housing strengthened during 2018 and early 2019 while interest rates remain low," Robert A. Murray, chief economist for Dodge Data & Analytics, said in the report. "As 2019 proceeds, it’s expected that the shortfall between this year’s level of construction starts compared to last year will narrow."
Total building starts for the first five months of 2019 totaled $8.9 billion in the D-FW area — down 5% in value from the same time in 2018.
North Texas construction starts fell 10% in 2018 from the previous year’s record levels.
Even so, D-FW was second only to New York City for construction last year.
SOURCE: Dodge Data & Analytics