Housing Rebound Masks Non-Residential Work Drop
(ENR.com 6/9/2010) The total dollar value of new construction starts through the first four months of this year were $125 billion, which was the same amount as a year ago. While the overall numbers were stable, they mask a large swing in market activity. The housing market is up 34% over last year’s dismal low, while the non-residential building market was down 18% and heavy and highway work was down 2% from a year ago, according to McGraw-Hill Construction data for new construction starts. Leading the decline in the non-residential building market were monthly declines of 48% for office building work, 40% for health-care facilities, 33% for manfacturing work and 10% for school construction.
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