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Construction contracts awarded in the metro Houston area totaled nearly $15.4 billion through the first seven months of ’22, up from $13.1 billion in the comparable period in ’21, according to the latest data from Dodge Data & Analytics.
The pace of residential construction has slowed recently. In January, February and March of this year, residential activity was up 66.8 percent compared to the same period in ’21. However, in the most recent three months (May, June, and July), activity was down 5.7 percent. Higher mortgage rates, higher home prices, and sagging consumer confidence have begun to weigh on residential construction.
Non-residential activity continues to grow at a healthy pace, up 34.2 percent in the most recent three months compared to ’21. The region is benefitting from increases in warehouse, hospital, manufacturing, public sector, retail, road, and religious building construction.
Prepared by Greater Houston Partnership Research
Patrick Jankowski
Senior Vice President, Research
pjankowski@houston.org
Clara Richardson
Research Associate
crichardson@houston.org
Construction starts in Houston totaled $1.8 billion in July '22.
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