At an annual rate of $456.5 billion, the value of new construction contracts rose 4 percent in September, reversing two months of decline. The gain, according to McGraw-Hill, was the result of strength for nonresidential building and nonbuilding construction, outweighing a retreat for housing.
The September data lifted the Dodge Index to 181, up from a revised 175 for August. For all of 1999, the Dodge Index averaged 177, and activity during July and August had fallen below this mark.
