The value of new construction starts in November advanced 4% to a seasonally adjusted annual rate of $509.6 billion, according to McGraw-Hill Construction Dodge, a division of The McGraw-Hill Companies.
The total construction gain was due to a rebound for nonbuilding construction (public works and electric utilities) following a lackluster October. November also featured a steady performance by housing and a slight decline for nonresidential building. During the first eleven months of 2002, total construction activity remained even with the same period a year ago.