U.S. construction starts edged down 1 percent in June as
nonresidential building slowed slightly, according to a key
starts were at a seasonally adjusted annualized rate of $489.5
billion compared with $494.4 billion in May, the McGraw-Hill
Construction division of New York- based McGraw-Hill Financial
said this week.
in June were off 2 percent from May to $151.3 billion, while
residential building activity fell 4 percent to $200 billion.
However, nonbuilding construction was up 4 percent to $138.3
billion, due primarily to the beginning of "several very large
bridge projects," according to McGraw-Hill.
Despite a 28-percent
jump in residential construction, total starts for the first
six months were down 2 percent to $233.8 billion, as
nonbuilding construction fell 24 percent and nonresidential
construction was off 9 percent. But McGraw-Hill nonetheless
forecast that, assuming the decline in these sectors moderates
in the second half, it expects a "single-digit" increase in
2013 over last year.