The value of new construction contracts increased 3% in April to a seasonally adjusted annual rate of $476.5 billion, according to the F.W. Dodge Division of The McGraw-Hill Companies (New York, NY). Moderate growth was reported for two of the three major industry sectors, nonresidential building and nonbuilding construction, while residential building witnessed only slight improvement compared to the previous month.
“April’s rebound is consistent with the sense that the construction industry is leveling off close to last year’s volume, as opposed to being in the early stages of a sustained decline,” stated Robert A. Murray, vice president of economic affairs for F.W. Dodge.