New construction starts tumbled 9% in October to a seasonally adjusted annual rate of $461.6 billion, according to McGraw-Hill Construction. It was the third consecutive sharp monthly decline tracked by MHC, of which ENR is a unit. The manufacturing sector plunged 69% from September, which received a huge spike from the start of a $1.6-billion addition to an oil refinery in Texas, says Robert Murray, MHC’s chief economist.
Construction Drops in October As Recession Grabs Hold
December 3, 2008
Source: McGraw-Hill Construction analytics. Construction contract value cumulative year-to-date through October 2008.