The value of new construction starts increased 12% in October with double-digit gains in nonresidential buildings and public works, according to McGraw-Hill Construction. Through the first 10 months of this year, total construction starts were down 29% from 2008. “After bottoming out in early 2009, there’s been an up-and-down pattern for starts, with a gradual upward trend beginning to emerge,” says Robert Murray, MHC’s chief economist. The nonresidential building market got a boost in October with construction benefitting from the $458-million expansion and renovation of the Javits Convention Center in New York City, as well as a $325-million U.S. courthouse
The growing need to collect, store and analyze the huge volumes of data collected from infrastructure project stakeholders is generating a new growth area for construction-sector firms, IT vendors and professionals.