New construction starts in September receded 1% to a seasonally adjusted annual rate of $419.5 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos. Both nonresidential building and housing fell back after their improved pace in August.
Meanwhile, the nonbuilding construction sector, comprised of public works and electric utilities, strengthened for the second month in a row after weakening in early summer. For the January-September period of 2011, total construction starts on an unadjusted basis were reported at $314.1 billion, down 5% from the same period a year ago.