Industry News - Construction Starts Are Up

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According to McGraw Hill Construction, new construction starts in September advanced 13 percent to a seasonally adjusted annual rate of $556 billion. Nonresidential building bounced back after losing momentum in August, and the non-building construction sector was lifted by the start of several large power plants, which ran counter to the sharply downward trend for electric utilities that's been present during 2013. For the first nine months of 2013, total construction starts were reported at $379.3 billion, up 2 percent from the same period a year ago. If electric utilities are excluded from the year-to-date statistics, says McGraw Hill, total construction starts in the first nine months of 2013 would be up 11 percent.