July construction climbs 6 percent
According to McGraw Hill Construction, new construction starts in July rose 6 percent to a seasonally adjusted annual rate of $588.8 billion. The July statistics raised the Dodge Index to 125, which went up from 118 in June and marked the highest level the index has reached so far in 2014.
Results showed that nonresidential building and nonbuilding construction sector (public works and electric utilities) advanced, while residential building remained unchanged from June.
“The construction expansion this year is getting more of a contribution from nonresidential building,” says Robert Murray, chief economist and vice president for McGraw Hill Construction. “With residential building being limited so far in 2014 by the sluggish single family market, the further growth for nonresidential building has been needed to keep the construction expansion going.”
Murray also attributed this month’s increase to a rise in manufacturing plant construction, an upward momentum of commercial building and a stabilization of institutional building.
About the Author: Allison Kral
Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.Subscribe to Pit & Quarry
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