Nonresidential construction starts increase 25 percent in February
After a weak January, construction starts in February rebounded 7 percent. However, total construction for the first two months of 2007 still sits 15 percent lower than it did during the same period last year, according to a March 26 release from McGraw Hill Construction of New York.
The building slump reflects in large part the fall in residential construction. If single-family housing is excluded from data, new construction for the first two months of the year is only down 3 percent compared to last year, according to the release.
Nonresidential building in February reached an annual rate of $219.1, up 25 percent from January.
The nonresidential sectors reporting the largest growth include: public building that jumped 81 percent, thanks to major detention facility projects in New York and Missouri; hotel construction, up 19 percent; healthcare facilities, up 26 percent; store construction, up 19 percent; and office building, up 13 percent, according to the release.
Despite the weak single-family construction market, multifamily housing increased 13 percent in February, according to the release.
For the full release, click here.
— By Katy Devlin, e-Newsletter Editor, e-glass weekly