Mcgraw-Hill Construction Analtyics Construction Contract Value Cumulative Year-To-Date Through August 2007.
Through the first eight months of this year, the value of total construction starts totaled $425 billion, which was 11% below the total for the same period a year ago, according to McGraw-Hill Construction’s latest report. The huge 25% decline in residential construction overpowered a 3% increase in the nonresidential building market and an 8% increase in nonbuilding work tracked by MHC. “The downturn in residential building has shaped this year’s pattern and with multifamily housing now joining the decline, the correction for residential building is still very much in progress,” say Robert Murray, MHC’s chief economist. “The credit crunch is clearly having a negative impact on the residential sector, but to this point in 2007 nonresidential building has experienced only a modest dampening,” he says.