At a seasonally adjusted annual rate of $512.8 billion, the value of new construction starts in February increased 1% compared to the previous month, according to the F.W. Dodge Division of The McGraw-Hill Companies (New York). Greater contracting was reported for nonresidential building and public works, outweighing a moderate decline for single family housing.
"The improved contracting in January and February gets 2002 off to a good start, and shows that construction remains at least for now one of the more resilient sectors of the economy," stated Robert A. Murray, vice president of economic affairs for F. W .Dodge.