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McGraw-Hill reports jump in starts; construction jobs, revenues shrink in most states

Post Time:Nov 30,2009Classify:Industry NewsView:104

The value of new construction starts climbed 12 percentin October, at a seasonally adjusted annual rate (SAAR), McGraw-Hill Construction reported on Friday [Nov. 20], based on data it compiled. “The upward push came from double digit gains for nonresidential building [19 percent] and nonbuilding construction (public works and electric utilities) [16 percent]. Atthe same time, residential building in October was unchanged from its September pace.”

Real (net of inflation) gross domestic product increased 2.8 percent (SAAR) in the third quarter, the Bureau of Economic Analysis announced yesterday [Nov. 24], as it revised its initial estimate down from 3.5 percent. Real investment in private nonresidential structures dropped 15 percent after falling 17 percent in the second quarter and 43 percent in the first quarter. Real residential investment jumped 19.5 percent, breaking a string of 14 quarterly declines. Real government gross investment in structures rose 10 percent, following a 24 percent leap in the second quarter. The price index for private nonresidential structuresdropped 10 percent (SAAR) in both quarters; the price index for residential investment, -2.6 percent in the third quarter and -5.2 percent in the second; the price index for government structures, -5.2 percent and -4.3 percent, respectively, according to a Nov. 25 Data DIGest report.

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