June construction retreats 1 percent

By |  July 23, 2012

New construction starts in June slipped 1 percent to a seasonally adjusted annual rate of $446.1 billion, according to McGraw-Hill Construction.

After the elevated activity that McGraw-Hill reported during March and April, which reflected the lift coming from two nuclear power projects, total construction in May and June returned to a level just slightly above the average monthly pace reported during the previous year.

June featured a moderate loss of momentum for nonresidential building, after this sector’s improved performance in May. At the same time, residential building in June maintained its gradual upward trend, while nonbuilding construction was unchanged as the result of divergent behavior by its public works and electric utility segments.

For the first six months of 2012, total construction starts on an unadjusted basis came in at $225 billion, up 4 percent from the same period a year ago.

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