The value of new construction starts advanced 12% in October to a seasonally adjusted annual rate of $469.8 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos. Much of the upward push came from nonresidential building, lifted by the start of a massive manufacturing project as well as by broader strengthening across several structure types.
Also contributing to the total construction gain in October was a slight increase for the housing sector. Meanwhile, nonbuilding stayed even with its elevated September amount, helped by the start of several large electric power plants. Through the first 10 months of 2011, total construction on an unadjusted basis came in at $355.6 billion, down 3% from the same period a year ago. The October data produced a reading of 99 for the Dodge Index (2000=100), up from September’s 89, and the highest level so far this year.