New Construction Starts in December Climb 5%, Though 2009 Totals Drop 26%
New construction starts in December improved 5% to a seasonally adjusted annual rate of $425.8 billion, according to McGraw-Hill Construction.
While nonresidential building and housing were essentially steady with the prior month, the nonbuilding construction sector (public works and electric utilities) strengthened in December, providing the lift to total construction. For the full year 2009, total construction starts plunged 26% to $411.6 billion, marking the third straight year of diminished contracting after declines of 7% in 2007 and 13% in 2008.