Dodge: October construction starts recede 4 Percent
Nonresidential building pulls back after a strong September.
New construction starts in October decreased 4% to a seasonally adjusted annual rate of $678.9 billion, settling back from the elevated amount that was reported in September, according to Dodge Data & Analytics.
Nonresidential building retreated from its brisk September pace, which was this sector’s strongest volume so far in 2016. October’s level for nonresidential building was still healthy compared to what’s been reported for much of 2016 – while down 12% from its average for August and September, it remained 15% above its lackluster average for this year’s first seven months.
Residential building in October showed moderate growth, with contributions from both single family and multifamily housing.
Nonbuilding construction in October edged up slightly, as an increase for public works offset diminished activity for electric utilities/gas plants.
Learn more at www.construction.com.