First Quarter Construction Starts Down 2% From a Year Ago
The dollar value of total construction starts during 2014's first quarter was $107.4 billion, or 2% less than a year ago, according to McGraw Hill Construction Dodge. After making double-digit gains last year, the residential construction market is up just 3% over 2013's first quarter. That increase was offset by a 4% decline in nonresidential building starts and an 8% drop in the value of non-building construction. "The slow start for construction activity in early 2014 can be attributed to tough winter weather ... and the hesitant upturn over the past two years," says Robert Murray, MHC chief economist.