New construction starts in March advanced 7% to a seasonally adjusted annual rate of $521.4 billion, according to McGraw Hill Construction, a division of McGraw Hill Financial. Nonresidential building picked up the pace after its lackluster performance at the outset of this year, while nonbuilding construction managed a moderate gain.
Meanwhile, residential building settled back as single-family housing remained sluggish. During the first three months of 2014, total construction starts on an unadjusted basis were reported at $107.4 billion, down 2% from the same period a year ago. The latest month’s data lifted the Dodge Index to 110 (2000=100), up from February’s 103, and close to last year’s average reading for the index at 112.