At a seasonally adjusted annual rate of $421.3 billion, new construction starts in November fell 5% from the previous month, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos. The downturn came as the result of decreased activity for public works, following this sector’s elevated amount in October.
Meanwhile, both nonresidential building and housing registered modest growth in November. During the first 11 months of 2012, total construction starts on an unadjusted basis were reported at $424.4 billion, up 3% compared to the same period a year ago.