The value of new construction starts fell 5% in September to a seasonally adjusted annual rate of $483.5 billion, according to the Dodge Division of McGraw-Hill Construction.
"The construction industry continues to hover around its average pace for the previous year, with August slightly above and September slightly below that pace," stated Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction.
Nonbuilding construction as a whole was down 7% to $101.6 billion, but the highways and bridges segment jumped 37%, helped by the start of a $237 million highway/light rail project in Colorado and a $136 million bridge renovation project in New York City.
For the first nine months of the year, the value of new construction starts was even with last year, with nonbuilding construction down 2%.
