Transpost from Construction.Com
By Robert Murray
New York, N.Y. – July 25, 2007 – New construction starts in June advanced 8% to a seasonally adjusted annual rate of $662.4 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. Nonresidential building registered an especially strong performance in June, surging 29%, while residential building improved a moderate 4% as the result of a pickup for multifamily housing. At the same time, nonbuilding construction (public works and electric utilities) settled back 12% after its very strong May amount. For the first six months of 2007, total construction on an unadjusted basis was reported at $310.1 billion, down 14% from the same period a year ago. If residential building is excluded from the year-to-date statistics, new construction starts in the first six months of 2007 were up 2% relative to last year.
The construction start data for June lifted the Dodge Index to 140, up from May’s 129 (2000=100), and marking the highest reading for the Dodge Index over the past twelve months. “Since mid-2006, the overall pattern for total construction has been shaped by the steep downturn for single family housing,” stated Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction. “At the same time, part of the slack has been picked up by continued strength for nonresidential building and public works, and this was especially true in June as several very large projects boosted the nonresidential volume. It’s still unclear whether single family housing is close to reaching bottom, and with inventories of unsold homes at high levels and mortgage rates rising, a sustained upturn for single family housing is not expected any time soon. On the plus side, nonresidential building and nonbuilding construction in 2007 are on track to see further growth, on top of gains for these two sectors combined of 10% in 2005 and 19% in 2006.”
June 2007 Construction Starts
MONTHLY SUMMARY OF CONSTRUCTION STARTS
Prepared by McGraw-Hill Construction Research & Analytics
for details please visit:
http://www.construction.com/ResourceCen ... 07/Jul.asp
I guess this is a pretty good news for summer graduates. For people who just got out of college this June, may able to have few extra selections in the job market. With enough constructions going on, the fruits on the plate can be picked by each graduates personal taste.........Want to join the Big Apple worm league?.......NYC says 'get your blueprints ready'....