At a seasonally adjusted annual rate of $477.0 billion, new construction starts in April were essentially unchanged from March, according to McGraw- Hill Construction Dodge, a division of The McGraw-Hill Companies. Nonresidential building rebounded after decreased activity during the previous two months, but housing and public works posted moderate declines.
"It's true that the construction industry lost momentum during the early months of 2003, but so far the retreat can be characterized as a measured pullback," stated Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction Dodge.