Mcgraw-Hill Construction Analytics. Construction Contract Value Cumulative Year-To-Date Through September 2007.

The recession in the housing market has pulled the dollar value of new construction starts through the first nine months of this year 11% below 2006’s level, according to McGraw-Hill Construction’s latest data. A year ago, residential buildings accounted for 52% of all construction. This year, housing’s share of the overall market has fallen to 43%. The housing crisis is overshadowing a 3% increase in nonresidential buildings, which includes a 33% jump in manufacturing and a 13% increase in commercial construction. The heavy and highway market is up 6%, including year-to-year increases of 29% for water-supply systems, 14% for sewers and 7% for highway and bridge work. “Given the renewed focus on infrastructure work, further growth is expected in 2008,” says Robert Murray, MHC’s chief economist.