Web Exclusive: Contracting For New Construction Climbs 3 Percent In June
New construction starts advanced 3 percent in June to a value of $446.8 billion, according to the F.W. Dodge Division of The McGraw-Hill Cos.
Nonresidential building rebounded 14 percent to $169.7 billion after a sluggish May. Stores and shopping centers were up 22 percent and warehouses were up 23 percent.
Public works and utilities maintained their upward trend of recent months. Sewer construction soared 55 percent and water supply construction advanced 22 percent. Electric power plants were also up 55 percent.
In contrast, residential building continued to lose momentum, falling for third month in a row. Down 8 percent to $185.9 billion, the June level for single family housing, at $159.1 billion, was 3 percent below the average monthly pace in 1999.
The Dodge Index was lifted to 177, up from May's revised 172.