Dodge Report - 117; April Construction Advances 9 Percent August 08, 2008

The value of new construction starts in April climbed 9 percent to a seasonally adjusted annual rate of $553.5 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos., New York. Much of the increase came as the result of a strong performance by nonbuilding construction, which comprises public works and electric utilities. Nonresidential building showed moderate improvement in April, while residential building stayed unchanged from its March pace. For the first four months of 2008, total construction on an unadjusted basis came in at $170.4 billion, down 17 percent from the same period a year ago. Excluding residential building, new construction starts in the first four months of 2008 rose 3 percent. April’s data produced a reading of 117 for the Dodge Index, with 2000 the base year at 100, up from a revised 108 for March and equal to the average for January and February.

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