Weak November Keeps Starts 4% Below a Year Ago
New construction starts fell 9% in November from the previous month, according to McGraw-Hill Construction’s seasonally adjusted data. Non-residential building markets weakened for the second consecutive month, while non-building work retreated from last October’s gains. “The pullback in November shows that the up-and-down pattern continues, and there’s yet to be evidence that renewed expansion is taking hold,” says Robert Murray, MHC chief economist. “The worst of the decline for the commercial structure types is over, but activity remains very weak.” The educational sector of the nonresidential building market plunged 23% in November, despite the addition of a $500-million police academy in New York City.