Construction Starts Tumble 20.5% Amid Megaproject Pullback

Construction starts tumble 20.5% amid megaproject pullback

Only two projects over $1 billion broke ground in November, according to Dodge Construction Network, but second half momentum was still robust.

Construction Starts pull back 20.5% in November

A lack of megaprojects normalized activity.   BOSTON, MA — December 22, 2025 — Total construction starts were down 20.5% in November to a seasonally adjusted annual rate of $1.22 trillion, according to Dodge Construction Network. Nonresidential building starts fell by 13.4%, residential starts increased 13.3%, and nonbuilding starts dropped 43.7% over the month. On a year-to-date basis through November, total construction starts were up 5.1% fro…