New construction starts in April rose 3% to a seasonally adjusted annual rate of $533.7 billion, according to McGraw Hill Construction, a division of McGraw Hill Financial. The increase maintained the upward movement established in March, which followed sluggish activity at the outset of 2014.
By major sector, April gains were reported for nonresidential building and housing, while nonbuilding construction (public works and electric utilities) retreated. Through the first four months of 2014, total construction starts on an unadjusted basis came in at $153.8 billion, unchanged from the same period a year ago.