New Construction Starts Climb 12% in October, Says McGraw-Hill Construction
The value of new construction starts climbed 12% in October to a seasonally adjusted annual rate of $447.6 billion, it was reported by McGraw-Hill Construction, a division of The McGraw-Hill Cos.
The upward push came from double-digit gains for nonresidential building and nonbuilding construction (public works and electric utilities). At the same time, residential building in October was unchanged from its September pace. Through the first ten months of 2009, total construction on an unadjusted basis came in at $350.1 billion, down 29% from the same period a year ago.