January Construction Recedes 2 Percent
Public works and institutional building will continue to be affected by diminished federal funding, as well as by tight state and local budgets.
New York, N.Y. – February 21, 2012 – The value of new construction starts dropped 2 percent in January to a seasonally adjusted annual rate of $402.2 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. Both nonresidential building and housing settled back from December, while the nonbuilding construction sector managed to register a modest gain with the help of a rebound for new electric utility starts. On an unadjusted basis, total construction starts in January were reported at $27.0 billion, down 14 percent from the same month a year ago…
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