Source: Mcgraw-Hill Construction Analytics. Construction Contract Value Cumulative Year-To-Date Through May 2008.
Through the first five months of this year, the dollar value of total new construction starts dropped 14% below the same period a year ago, according to McGraw-Hill Construction’s latest report. The main culprit is a 40% decline in homebuilding, but nonresidential building and civil works also are starting to show some weakness. Heavy and highway work slipped 2% below last year’s level. While the nonresidential market is up 13%, some key sectors have softened, including new office-building work, which dropped 21% in May.