Construction starts are ending the year with a strong upturn, according to McGraw Hill Construction's Dodge.
The seasonally adjusted rate for the Dodge starts last October was up 5% from the previous month.
On a year-to-date basis, the dollar value of total construction starts through October was $433 billion, up 4% from the same period a year ago.
Most of the increase came from a 26% year-to-year jump in residential construction, which totaled $174 billion during the first 10 months of the year. But non-residential building construction was up 6%, to $140 billion, during the same period. Non-building construction continues to be weak, falling 17% behind last year's pace.
The Dodge Momentum Index for November was up 2.8% from the previous month, indicating that non-residential building markets should continue to gain strength. The latest month was the highest reading for the DMI since March 2009, although the current level is still well below 2007's peak.