As Momentum Builds, 2015 Project Starts Should Top 2014

Georgia Tech Research Conjures Platinum Lab Project — High-rise luxury condominium projects are continuing to generate construction activity in Miami.

Image courtesy of Coastal Construction Group

In terms of percentage growth, though, the nonbuilding category should be Georgia's biggest climber, with Dodge forecasting a roughly 29% uptick.

North Carolina

Right behind Georgia in terms of both expected percentage gain and overall volume, is North Carolina. According to Dodge, the state should see about $18.9 billion in activity in 2015, 14.6% over 2014's $16.5 billion. Nonresidential will be the fastest-growing market, with the 2015 estimate of $5.9 billion equaling a 38.6% gain over 2014's $3.96 billion.

Within this category, all three subcategories—commercial, industrial and institutional—will see gains, says Dodge. The institutional market will contribute nearly $2.6 billion in new starts in 2015, while commercial will generate about $2.4 billion in new work. Residential construction also will grow by double-digit percentages, with 2015's forecast of nearly $10.5 billion representing a 12.6% increase.

South Carolina

When asked to identify hot metro areas in the Carolinas, AGC's Simpson called Charleston one of the area's "booming" markets. And while South Carolina's construction market historically has represented the smallest of the four Southeast states, the 41% jump in overall volume that Dodge forecasts for 2015 would close the gap. According to the firm, South Carolina had $10.2 billion in new contracts in 2014 but should see more than $14.4 billion in 2015.

Residential construction will produce much of the activity, with 2015 housing contracts expected to come in at $8.4 billion. But the vast majority of that figure—more than $7.8 billion—reflects single-family work. However, multifamily projects are expected to generate more than $635.4 million, this category's loftiest total since 2007 and a more than 50% gain over 2014's final estimate of $418.4 million.

Nonresidential contracts will make major strides as well, says Dodge, with this category expected to deliver nearly $3.6 billion in new projects, or about 47.8% above 2014. Institutional contracts should provide the most opportunities, with Dodge predicting nearly $1.9 billion in new work.

Top Starts Ranking

ENR Southeast's annual Top Starts ranking, on the following pages, lists the region's largest projects to start construction in 2014 based on total cost.

Scott Judy is Deputy Editor for Regions, and editor of ENR Southeast, one of Engineering News-Record's 10 Regional publications. His roughly 27 years as a construction journalist began with an 11-year stint covering Midwest construction projects. In 2000, Judy helped launch the publication now known as ENR Southeast. He often delves into controversial aspects of the construction industry such as bankruptcies and fatal accidents, and wishes he would never have to cover another accident but suspects that he might.