At a seasonally adjusted annual rate of $478.2 billion, the value of new construction starts in November was down 3% from October, according to the F. W .Dodge Division of The McGraw-Hill Companies (New York). Reduced contracting was reported for housing and public works, while nonresidential building showed improvement for the third month in a row.
"The November figures point towards a construction industry that continues to settle back
gradually from its heightened performance at the outset of 2001 ," stated Robert A. Murray, vice president of economic affairs for Dodge. "It's important to note that the loss of momentum for total construction has been very mild, as a result of an offsetting pattern by the industry's major sectors. When commercial building declined during the first half of 2001, some of the shortfall was picked up by high level activity for housing, public works, and power plants. Housing and
public works now appear to be slipping back, but the institutional building sector, namely school construction, continues to be strong."