According to a report by Dodge Data & Analytics, the Dallas Ft. Worth area notched more that $17 billion worth of
commercial and residential construction projects in the first nine months of 2018. New York City beat Big D with $31.7 billion, with Houston coming in third at $15.9 billion through the third quarter. Even with the impressive showing the overall numbers for Dallas show a drop in starts of 27% year-to-date. The residential side for 2018 is up 8% from last year's total, with the area leading the country in starts of both single-family homes and apartments.
"The pace of construction starts has clearly slowed over the past three months, following what was unsustainably high levels during May and June," Robert A. Murray, chief economist for Dodge Data & Analytics, said in the latest report. "It's true that the rate of growth for construction starts has decelerated more in 2018, but it's still too early to say that the construction industry has rounded the peak and is now in decline.
"There are of course mounting headwinds affecting construction, namely rising interest rates and higher material costs, but for now these have been balanced by stronger economic growth, some easing of bank lending standards, still healthy market fundamentals for commercial real estate, and greater state financing for school construction and enhanced federal funding for public works."
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