November Construction Slides 9 PercentCED Magazine
Article Date: 02-01-2011
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Near-term benefits of tax cuts won't remove 2011's continued challenges, which include the tight lending climate.
New York, N.Y. – December 21, 2010 – At a seasonally adjusted annual rate of $375.9 billion, new construction starts in November fell 9 percent from the previous month, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. Nonresidential building weakened for the second month in a row, while nonbuilding construction (public works and electric utilities) retreated after its elevated pace in October. Meanwhile, residential building in November showed modest growth. For the first 11 months of 2010, total construction on an unadjusted basis was reported at $378.7 billion, down 4 percent from the corresponding period of 2009.
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