Total construction starts through the first five months of this year were $187.6 billion, down 3% from the same period of 2012, according to the latest data published by the Dodge division of McGraw Hill Construction Analytics. The May data shows a 29% year-to-date decline in non-building construction coupled with an 8% decline in non-residential building construction outweighing a 32% increase in the dollar value of new home construction.
The year-to-date decline in Dodge starts reflects a steep decline in the dollar amount for new electric-utility projects relative to a strong first half of 2012, says Robert Murray, chief economist for McGraw Hill Construction. "If electric utilities are excluded, total construction starts would be up 10% year-to-date, helped in particular by the strengthened pace for housing," says Murray.