|Source: McGraw-Hill Construction Analytics. Seasonally adjusted annual rate for April 2006.|
he surf is up for contractors riding the wave of construction’s long expansion, according to McGraw-Hill Analytics’ release of new construction starts through April. During the first four months of this year, MHCA reports that total new starts are running 8% ahead of a year ago, including year-to-year increases of 14% for nonresidential buildings, 8% nonbuilding work and 5% for residential construction. Most economists predicted housing would slow in 2006, but through April MHCA recorded over $120 billion in new housing construction. The residential market got a boost from a 13% monthly jump in multifamily housing work.