Construction contracting advances three percent in April
New construction starts in April rose 3 percent to a seasonally adjusted annual rate of $484.5 billion, according to the Dodge Division of McGraw-Hill Construction. Compared to the previous month, moderate improvement was registered by each of the industry's three main sectors – nonresidential building, residential building and nonbuilding construction.
April's data lifted the Dodge Index to 146, following the 141 reported for March.
Nonresidential building in April was reported at $152.1 billion, up 3 percent. Residential building, at $232 billion, increased 2 percent in April and nonbuilding construction grew 7 percent in April to $100.3 billion.