Construction starts drop 1% in May
Jul 20, 2005 10:11 AM
Many other building sectors experience decreases
McGraw-Hill Construction recently reported that the total value of new construction increased to a seasonally adjusted annual rate of $591.5 billion in May, which is still 1% behind the April rate of $599.1 billion. Non-residential building also fell to a seasonally adjusted annual rate of $147.8 billion, which is 5% behind the April rate of $155.3 billion.
In the commercial sector, contracting for stores dipped 21%, office construction fell 9%, and hotel construction dropped 4%. School construction slipped 4% and the construction of health care facilities and churches decreased 8% and 15%, respectively. Non-building construction starts decreased to a seasonally adjusted annual rate of $90 billion in May, which is 2% behind the April rate of $92 billion
However, contracts for public buildings increased by 2% and construction of transportation terminals increased 11%. And after a weak April, contracts for warehouses advanced 24%.
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