The value of new construction starts advanced 4% in June to a seasonally adjusted annual rate of $512.9 billion, according to the Dodge Division of McGraw- Hill Construction (New York). While residential building held steady, nonresidential building and public works registered June gains. During the first half of 2002, total construction on an unadjusted basis was reported at $253.1 billion, unchanged from last year's corresponding amount.
"Amidst the ups and downs this year, the construction industry has essentially stabilized close to its 2001 pace," stated Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction. "Institutional building and public works have shown further growth, as eroding federal and state budgets have yet to have much negative impact at the construction site. But over the past twelve months, commercial building has fallen sharply, in similarity to the broader pullback by business investment."