Boston’s new construction market plummeted in January, as spending dropped double digits from a year prior, according to research from Dodge Data & Analytics.
But the dip isn’t so bad.
Yes, residential construction spending from Jan. 2016 to Jan. 2017 fell 66 percent, or by more than $300 million – which is significant. However, in Dec. 2016, spending was up 81 percent from Dec. 2015, and for the whole of 2016, it was up by 33 percent. So while the city is facing one of the country’s worst inventory shortages and any slip in construction spending is cause for concern, the loss in January may be nothing more than a readjusting from such a strong December and 2016 in general.
Check out our table below to see how Boston compares against the other markets we cover:
| Metro area | Jan. 2017 | Jan. 2016 | Percent change |
|---|---|---|---|
| Atlanta | $536,391,000 | $630,154,000 | -15% |
| Boston | $169,022,000 | $495,061,000 | -66% |
| Chicago | $889,444,000 | $415,450,000 | 114% |
| Houston | $694,669,000 | $675,751,000 | 3% |
| Miami | $311,899,000 | $490,688,000 | -36% |