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Construction Starts Increase 9% In April


The value of new construction starts in April climbed 9% to a seasonally adjusted annual rate of $553.5 billion, according to McGraw-Hill Construction,

The value of new construction starts in April climbed 9% to a seasonally adjusted annual rate of $553.5 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. Much of the increase came as the result of a strong performance by nonbuilding construction, which is comprised of public works and electric utilities. Nonresidential building showed moderate improvement in April, while residential building stayed unchanged from its March pace. For the first four months of 2008, total construction on an unadjusted basis came in at $170.4 billion, down 17% from the same period a year ago. Excluding residential building, new construction starts in the first four months rose 3%.