million Icon Buckhead apartments. The improved levels for commercial and multifamily construction starts finally took hold in the Atlanta GA metropolitan area during 2014, with a 42 percent increase that year, followed by gains in 2015, up 17 percent; and 2016, up 54 percent. The current year is on track for further improvement.
The Dallas-Ft. Worth TX metropolitan area retreated 29 percent during the first half of 2017, following a very strong first half of 2016, up 82 percent (and 58 percent for the full year 2016) that included $500 million for a segment of the Toyota Corporate Campus development in Plano and the $130 million Park District apartments in Dallas. During the first half of 2017, commercial building was down 10 percent from its corresponding 2016 amount, although the current year did see groundbreaking for two projects in Fort Worth, a $300 million Facebook data center and the $300 million American Airlines Trinity Campus. Multifamily housing during the first half of 2017 experienced a more severe decline, falling 57 percent, despite the start of several large projects such as the $120 million Residences at Legacy apartment building in Plano. Multifamily housing had shown very strong growth from 2011 through 2016, including annual gains of 45 percent in 2015 and 27 percent in 2016, but now appears to be settling back.
The Boston MA metropolitan area, down 27 percent in the first half of 2017, retreated from an elevated first half of 2016, up 48 percent (and 54 percent for the full year 2016), that included such projects as the $162 million Harrison St. apartments and the $150 million Pier 4 office building (phase 2). Multifamily housing fell sharply during the first half of 2017, sliding 51 percent, despite the start of several large projects including the $200 million Residences at 399 Congress St. Commercial building, in contrast, increased 5 percent compared to a year ago, with the lift coming from such projects as the $200 million 145 Broadway Commercial Building A in Cambridge and the $166 million General Electric Global Headquarters in Boston.
The Seattle WA metropolitan area retreated 23 percent during the first half of 2017, following the steady commercial and multifamily growth reported during the 2011-2016 period, including a 23 percent increase for full year 2016. The multifamily segment dropped 32 percent during this year’s first half, as groundbreaking for the $152 million Nexus multifamily tower was not able to offset a more broad-based pullback for multifamily housing. Commercial building in the first half of 2017 was down 14 percent from a year ago, although this year did include the start of a $228 million office high-rise in Seattle and an $80 million warehouse in Tacoma.
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