July Construction Recedes 2 Percent
- Published: Tuesday, 03 September 2013 14:16
By Mark S. Kuhar
New Construction Starts In July Decreased 2 Percent, While Highway Construction Dropped 22 Percent.
New construction starts in July decreased 2 percent to a seasonally adjusted annual rate of $479.1 billion, according to McGraw Hill Construction, a division of McGraw Hill Financial. The nonbuilding construction sector, comprised of public works and electric utilities, pulled back in July after being lifted in June by several very large projects. At the same time, nonresidential building strengthened in July, regaining some of the upward momentum that began to take hold in April and May, while residential building in July showed further growth.