New construction starts in September climbed 16% to a seasonally adjusted annual rate of $507.2 billion, says McGraw-Hill Construction, a division of The McGraw-Hill Cos. The nonbuilding construction sector (public works and electric utilities) led the way, helped in particular by a massive natural gas plant and several large electric utility projects.
Meanwhile, nonresidential building retreated after its improved performance in August, and residential building eased back slightly. Through the first nine months of 2012, total construction starts on an unadjusted basis came in at $349.6 billion, up 5% compared to the same period a year ago.