At an annual rate of $456.5 billion, the value of new construction contract climbed 4% in September, according to F.W. Dodge. The September gain for total construction was the result of strength for nonresidential building and nonbuilding construction.
The rebound in September, after a two month decline, brings construction contracting to a level slightly above the 1999 average, and according to F.W. Dodge, shows an industry that continues to see expansion, although at a more gradual pace than last year.