Construction starts up 8% nationwide
New construction starts nationwide advanced 8% in June over the prior month to a seasonally adjusted annual rate of $662.4 billion, according to McGraw-Hill Construction. Nonresidential building showed an especially strong performance, surging up 29% over May, while residential building improved a moderate 4%, mostly due to a strong 40% increase in multifamily housing.
Excluding residential building from the year-to-date statistics, new construction starts in the first six months of 2007 were up 2% over 2006.
Source: McGraw-Hill Construction
