Though it may be causing headaches for residents, the recent surge of construction starts in Atlanta’s metropolitan area shows no immediate sign of slowing. A new Dodge Data & Analytics report reveals a 16 percent uptick in total building starts for July 2017 in comparison to the same month just last year.
By the numbers, Atlanta spent $345.4 million in nonresidential construction activity in the past month alone – a 15 percent increase from the $299.5 million that was spent in July 2016. Residential spending saw similar growth at 16 percent, with the dollar amount totaling out around $728.6 million.
Year-to-date spending on construction also rose across the board. The amount spent on residential starts in Atlanta has jumped 12 percent from $4.8 billion to $5.4 billion. However, it was nonresidential building starts which exhibited the most starting gain, rising a whopping 52 percent from $2.6 billion to $4 billion in spending. This is in keeping with last month’s survey for June 2017, which also found a significant rise in the construction of nonresidential buildings such as offices, hotels, warehouses and recreational buildings.
As Atlanta’s population continues to climb, it is relatively unsurprising that the number of construction starts have followed suit. Nevertheless, total home sales in the metropolitan area did take a slight dip in July do to pricing and inventory restraints, raising questions about how the rate of residential construction will be able to keep up.
Source: Dodge Data & Analytics