New construction contracts, seasonally adjusted, were essentially unchanged from March to April, McGraw-Hill Construction Dodge reported .
New construction contracts, seasonally adjusted, were essentially unchanged from March to April, McGraw-Hill Construction Dodge recently reported. The value of new contracts in the first four months of 2003 was 5 percent below the same period of 2002. Residential building contracts totaled 5 percent higher, nonresidential building contracts were down 11 percent, and nonbuilding contracts were off 21 percent.
A report by the National League of Cities on city budgets warned that "City policy makers are responding by raising user fees for services, drawing down reserves, laying off city staff, and dramatically cutting investment in infrastructure and maintenance ?infrastructure projects are still ready to go ... The federal government should use its pump-priming powers and provide municipalities with infrastructure support. If available, 76 percent of city finance officers say that their city would devote this support to infrastructure investment."