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November construction spending, job losses were widespread; wage increases diminish

Post Time:Jan 12,2010Classify:Industry NewsView:158

Nonresidential construction starts fell 8.2 percentin December, compared to December 2008, and 6.9 percent for all of 2009, compared to 2008, Reed Construction Data reported today, based on information it compiled. Building construction was down 27 percent for the month and 17 percent for the year. Starts on civil works (highways, bridges, water/sewage, dams/marine, airports and other) rose 27 percent and 16 percent, respectively. Chief Economist Jim Haughey commented, “Nonresidential building starts weakened in December after a strong November. Usually, there is a seasonal upturn in December so the 20 percent month-to-month decline is a significant weakening. There were relatively few starts of large developer-financed projects as well as a nearly 40 percent dip in hospital starts. Nonetheless, nonresidential building starts in December matched the monthlyaverage for 2009. The December results for the civil market are distinctly different. December starts were unchanged from November and above the monthly average for 2009. Highway starts matched the November total. There was another large gain in water/sewer starts, likely the delayed impact of the stimulus program. The 20 percent jump in December pushedwater/sewer starts to a record high level,” according to a Jan. 12 Data DIGest report.

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