Nationwide Construction Starts in December Jump 19%
New construction starts in December climbed 19% to a seasonally adjusted annual rate of $450.2 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos. Nonresidential building rebounded after a weak November, and nonbuilding construction was lifted by the start of several large electric utility projects. Meanwhile, residential building in December showed slight growth, continuing the gradual upward trend of recent months. For 2010 as a whole, total construction starts dropped 2% to $412.5 billion, a less severe decline than the 24% plunge for 2009.
“This won't be an easy year for most firms, but it will be better than last year,” said Stephen E. Sandherr, the association's chief executive officer. “If current trends continue, this industry will be in a much better position 12 months from now than it is today.”