Houston construction projects lose steam in November

The value of new construction projects started in the Houston area fell by 7 percent year-over-year in November, dragged down by a drop in residential projects, Dodge Data & Analytics reported. Overall, new construction projects totaled $1.26 billion in November, down from $1.35 billion the year earlier. The value of new nonresidential projects, such as office, hotel and warehouse developments, rose by 42 percent to $601 million in November, up from $422 million in November 2018. New residential projects, meanwhile, totaled $657  million in November, down 29 percent from $931 million in November 2018. The figures include the value of single-family and apartment construction. Year-to-date totals are running below last year's levels. New construction projects totaled $16.9 billion through the end of last month, a 14 percent drop from $19.7 billion during the first 11 months of 2018.