Construction Starts Up 1% Over 2012

Through August, the total dollar value of new construction starts was estimated at $329.4 billion, which was just 1% higher than the same period a year ago, according to the Dodge division of McGraw Hill Construction. The increase all came from a 27% hike in the value of residential construction. The non-residential building market was down 3% from the first eight months of 2012, while non-building work was down 21% for the same period. "A more solid expansion requires a greater contribution from non-residential building," says Robert Murray, MHC's chief economist.