Construction Still Struggling at 2010’s Midpoint

New construction starts in June dropped 3% from the previous month to a seasonally adjusted annual rate of $385.7 billion, according to McGraw-Hill Construction’s latest release for construction starts. Overall, the market is down 4% from the first half of last year, despite a 23% increase in the residential market. While that market is rebounding from historic low levels, the nonresidential building market has plummeted 15%, including declines of 29% for commercial buildings and 54% for manufacturing work. The nonbuilding market has dropped 10% from a year ago.