At a seasonally adjusted annual rate of $417.6 billion, new construction starts in November dropped 11% from October’s elevated pace, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos.
Nonresidential building retreated after being boosted in October by the start of a massive manufacturing plant, and nonbuilding construction showed electric utilities pulling back from the brisk pace of recent months. Meanwhile, residential building in November registered moderate growth, helped by further strengthening for multifamily housing. During the first eleven months of 2011, total construction on an unadjusted basis was reported at $390.5 billion, down 2% from the same period a year ago.