Commercial and multifamily construction starts shot up in Greater Washington last year, making it the second largest U.S. market for spending.
The value of those projects totaled $9.5 billion in 2018 compared to $7.4 billion in 2017, according to a report from Dodge Data & Analytics. The D.C. area leapfrogged the Los Angeles and Dallas markets, which experienced 11 and 16 percent drops in spending respectively. The region rebounded significantly after experiencing a 15 percent slide between 2016 and 2017.
Greater Washington last year only fell behind New York, which perennially experiences the highest-value groundbreakings by a large margin. Commercial and multifamily is comprised of office buildings, data centers, stores, hotels, warehouses, commercial garages and multifamily housing.
Large data center projects were central to the region’s strong showing last year with 11 projects breaking ground totaling $1.6 billion, according to Dodge. Most of those are in Loudoun County. The…Read the full story from the Washington Business Journal.