Web Exclusive: Construction Contracting Slips 2% In February
New construction starts in February retreated 2 percent to a seasonally adjusted annual rate of $488.2 billion, as reported by the F.W. Dodge Division of the McGraw-Hill Companies. The slight decline for total construction was the result of a divergent pattern for the three main industry sectors - residential building fell back from its January pace, nonresidential building held steady, and nonbuilding construction registered considerable improvement.
The latest month's data produced a 147 reading for the Dodge Index (1996 = 100), down from a revised 150 for January. The dodge index averaged 141 for the full year 2000.