At a seasonally adjusted annual rate of $376 billion, new construction starts in February dropped 7% from the previous month, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos. The nonbuilding construction sector, comprised of public works and electric utilities, lost considerable momentum in February, and diminished activity was also reported for nonresidential building.
Meanwhile, residential building in February was able to register modest growth. For the first two months of 2011, total construction starts on an unadjusted basis came in at $52.9 billion, down 14% from a year ago. For the 12 months ending February 2012 versus the 12 months ending February 2011—which lessens the volatility present in year-to-date comparisons of just two months—total construction starts were down 2%.