Some McGraw-Hill starts rise in March; economic slide slows, say NABE, Beige Book

"New construction starts increased 5 percent in March," seasonally adjusted, McGraw-Hill Construction reported today, based on its own data compilation. However, for the first quarter of 2009 compared to the same months of 2008, total starts tumbled 40 percent. "The improved level of contracting relative to February was due to a strong increase for public works construction, helped by two large pipeline projects and a large rail project. At the same time, nonresidential building showed a further loss of momentum, and residential building slipped back after its brief upturn in February. Residential building starts fell 8 percent in March and 52 percent for the first quarter of 2009 compared to the same months of 2008; nonresidential building, -3 percent and -47 percent; and nonbuilding construction rose 27 percent for the month but fell 11 percent for the quarter, according to an April 20 Data DIGest report.