New construction starts in September advanced 13% to a seasonally adjusted annual rate of $556.0 billion, according to McGraw Hill Construction.
Nonresidential building bounced back after losing momentum in August, and the nonbuilding construction sector was lifted by the start of several large power plants, which ran counter to the sharply downward trend for electric utilities that’s been present during 2013. For the first nine months of 2013, total construction starts on an unadjusted basis were reported at $379.3 billion, up 2% from the same period a year ago.
If electric utilities are excluded from the year-to-date statistics, total construction starts in the first nine months of 2013 would be up 11%. The September data raised McGraw-Hill’s Dodge Index to 118 (2000=100), up from 104 in August and the highest reading for the Index so far in 2013. Details