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Megaproject activity continues to dominate month-over-month growth

BOSTON, MA — November 21, 2025 — Total construction starts were up 21.1% in October to a seasonally adjusted annual rate of $1.53 trillion, according to Dodge Construction Network. Nonresidential building starts rose by 17.9%, residential starts declined 15.4%, and nonbuilding starts expanded 59.4% over the month. On a year-to-date basis through October, total construction starts were up 5.9% from last year. Nonresidential starts were up 5.6%, residential starts were down 5.1% and nonbuilding starts were 19.8% higher over the same period. For the 12 months ending October 2025, total construction starts were up 8.1% from the 12 months ending October 2024. Residential starts were down 3.1%, nonresidential starts increased 7.5%, and nonbuilding starts were up 22.9% over the same period.  

“Growth in construction starts continued to be propped up by high-value megaproject activity last month,” stated Sarah Martin, Associate Director of Forecasting at Dodge Construction Network. “Specifically, ten projects valued at $1 billion and over broke ground, largely within data center, manufacturing and LNG construction. Outside of these high-tech buildings, however, growth appears more moderate. In square footage terms, for example, nonresidential and residential starts declined by 4.3% over the month and are down 5.4% year-to-date through October.”  

Nonbuilding

Nonbuilding construction starts grew 59.4% in October to a seasonally adjusted annual rate of $645 billion. Utilities (+384.5% m/m) drove the surge, along with environmental public works (+18.6% m/m) and miscellaneous nonbuilding (+10.1% m/m). Highway and bridge starts declined by 23.7% over the month. On a year-to-date basis through October, nonbuilding starts were up 19.8%, alongside gains in miscellaneous nonbuilding (+54.0% m/m), utilities (+47.8%), highways and bridges (+4.1%) and environmental public works (+0.6%).  

For the 12 months ending October 2025, total nonbuilding starts were up 22.9%. Environmental public works improved by 11.3% compared to the 12 months ending October 2024. Highway and bridge starts were up 5.6%, miscellaneous nonbuilding starts were up 52.6% and utility/gas starts increased 48.0% over the same period.  

The largest nonbuilding projects to break ground in October included the $15.1 billion Calcasieu Pass LNG Export Terminal and Pipeline in Cameron, Louisiana, the $9 billion Rio Grande LNG Facility (Phase 2, Trains 4 & 5) in Brownsville, Texas and the $5.9 billion Frederick Douglass Tunnel Improvement in Maryland.  

Nonresidential 

Nonresidential building starts increased 17.9% in October to a seasonally adjusted annual rate of $561 billion. Commercial starts were up 19.5%, alongside growth in offices and data centers (+45.5% m/m) and retail stores (+15.1% m/m). Meanwhile, hotels (-19.3% m/m), warehouses (-1.7% m/m) and parking garages (-46.1% m/m) faced declines between September and October. Institutional starts improved 3.7%, driven by gains in other institutional categories (+49.5% m/m) – and offset by declines in education buildings (-20.8% m/m) and healthcare facilities (-2.7% m/m). Manufacturing activity remains volatile, surging 107.2% in October. On a year-to-date basis through October, nonresidential starts are up 5.6% compared to the first ten months of 2024. Commercial and industrial starts are up 13.6% and institutional starts are down 2.2% over the same period.  

For the 12 months ending October 2025, total nonresidential starts were up 7.5% compared to the 12 months ending October 2024. Commercial starts were up 26.9%, institutional starts improved 0.2%, and manufacturing starts were down 16.3% over the same period.  

The largest nonresidential building projects to break ground in October were the $7.5 billion Meta Hyperion Data Center in Richland, Louisiana, the $1.9 billion expansion to the LA Convention Center in Los Angeles, California, and the $1.7 billion Eli Lilly & Co. Manufacturing Facility in Lebanon, Indiana.  

Residential 

Residential building starts declined by 15.4% in October to a seasonally adjusted annual rate of $323 billion. Single-family starts increased 2.2%, while multifamily starts fell back a pronounced 38.5%. On a year-to-date basis through October, residential starts are down 5.1% – with single family starts down 12.3% and multifamily starts up 10.6%.  

For the 12 months ending October 2025, total residential starts fell 3.1%. Single-family starts fell 9.4% compared to the 12 months ending October 2024, and multifamily starts increased 10.3% over the same period.  

The largest multifamily structures to break ground in October were the $214 million Andare Residences in Fort Lauderdale, Florida, the $165 million 6 East 43rd Street Office-to-Residential Conversion in New York, NY and the $132 million Jefferson Bonnie Brae Apartments in Denton, Texas.  

Regionally, total construction starts in October rose in the South Central (+84.9% m/m), Midwest (+18.8% m/m), South Atlantic (+8.7% m/m) and the West (+1.1% m/m). Starts declined in the Northeast by 40.1% between September and October.  

 

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