At a seasonally adjusted annual rate of $495.7 billion, new construction starts in May advanced 5% from the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial. Much of the upward lift came from nonresidential building, which registered moderate growth for the second month in a row after its sluggish performance at the outset of 2013.
Smaller gains in May were reported for housing and nonbuilding construction (public works and electric utilities). During the first five months of 2013, total construction starts on an unadjusted basis were reported at $187.6 billion, down 3% from the same period a year ago.