National Construction Starts for 2011 Slip 2% to $421 Billion
New construction starts in December fell 3% to a seasonally adjusted annual rate of $410 billion, according to McGraw-Hill Construction.
Nonresidential building in December held steady with the prior month, and residential building was able to show modest improvement. However, the nonbuilding construction sector lost momentum in December, as electric utilities retreated from the record pace witnessed earlier in the year. For all of 2011, total construction starts slipped 2% to $421.4 billion, following the slight 1% gain reported for 2010.