USA: Value of Houston area construction projects falls in 2016
Construction starts in the Houston area fell by 15 percent in 2016 as surplus space in the apartment and office sectors suppressed the need for new projects.
Last year, construction starts totaled $15.4 billion, down from $18.2 billion in 2015, according to Dodge Data & Analytics. Nonresidential projects fell by 19 percent to $6.5 billion, while residential projects fell by 13 percent to $8.9 billion.
In December, total building permits amounted to $938 million, down from $1.2 billion in December 2015. Nonresidential projects fell most, 31 percent to $374 million.
The report covers Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto and Waller counties.