The total number of construction starts increased by 4% in October to a seasonally adjusted annual rate of $1.2 trillion, according to Dodge Construction Networks latest Construction Starts Index. Nonresidential building starts rose 14%, nonbuilding starts grew by 2%, while residential building starts fell 3%.On a year-to-date basis through October, total construction starts were up 3% from the same period in 2023. Residential starts were up 7%, nonresidential buildings rose 1%, and nonbuilding starts ticked up by less than one percent. For the 12 months ending October 2024, total construction starts were up 1% from the 12 months ending October 2023. Residential starts were up 6%, and nonresidential and nonbuilding starts were each down 1%.Construction starts have yet to see the impact of falling interest rates, said Dodge Construction Network chief economist Richard Branch. Several more rate cuts will be needed to start moving construction projects through the planning proce...