Construction Starts Rise 2% In February
- Published: Tuesday, 01 April 2008 08:00
At a seasonally adjusted annual rate of $561.3 billion, new construction starts in February advanced 2% from the previous month, it was reported by McGraw-Hill Construction, a division of the McGraw-Hill Companies. The gain for total construction reflected a strong performance by nonresidential building, which for the second month in a row was boosted by ground breaking for several large projects.
At the same time, nonbuilding construction (public works and electric utilities) fell back from January's elevated pace, and residential building dropped further as its lengthy correction continues. For the first two months of 2008, total construction on an unadjusted basis came in at $79.1 billion, down 18% from the same period a year ago. If residential building is excluded, the value of new construction starts during the first two months of 2008 increased a slight 1% compared to last year, the report states. February's data lifted the Dodge Index to 119, up from 117 in January.