May Construction Gains 5 percent
- Published: Tuesday, 30 July 2013 16:26
At a seasonally adjusted annual rate of $495.7 billion, new construction starts in May advanced 5 percent from the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial. Much of the upward lift came from nonresidential building, which registered moderate growth for the second month in a row after its sluggish performance at the outset of 2013. Smaller gains in May were reported for housing and nonbuilding construction (public works and electric utilities).