The value of new construction starts retreated 6% in January to a seasonally adjusted annual rate of $423.4 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos.
The decline came as the result of a pullback for nonresidential building after a strong December, combined with a loss of momentum for residential building. At the same time, the nonbuilding construction sector showed further growth in January on top of its elevated December pace, aided by several large public works projects. On an unadjusted basis, total construction starts in January were reported at $28.4 billion, down 4% from the same month a year ago.