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 in San Diego, Calif.
Strong October Hints at Slowdown in the Recession
December 2, 2009
Source: McGraw-Hill construction analytics. Construction contract value cumulative year-to-date through October 2009.