San Diego County ranks at No. 20 among the nation’s 20 largest markets for the value of commercial and multifamily construction starts during 2016, according to a new report by research firm Dodge Data & Analytics.
Dodge economists said the San Diego region had more than $2.23 billion in project starts in those segments, up 83 percent from 2015. The report tracks the value of projects in these categories: office buildings, stores, hotels, warehouses, commercial garages and multifamily housing such as apartments.
The nation’s biggest hub for new 2016 projects was the New York City metro area, which had more than $29.7 billion in construction starts. The top five was rounded out by Los Angeles ($9.82 billion), Chicago ($8.32 billion), Washington, D.C. ($8.14 billion) and Dallas-Fort Worth ($7.96 billion).
The U.S. as a whole saw total starts surpass $186.3 billion, up 7 percent from 2015. Double-digit year-over-year gains were reported in eight of the top 10 and 16 of the top 20 markets, though New York posted a 15 percent decline.
Researchers said moderate nationwide growth in commercial construction is expected in 2017, with multifamily housing staying close to elevated growth levels seen in 2015 and 2016.