LOS ANGELES The
value of U.S. construction starts declined 11 percent in
November from the previous month, led by a drop in
The value of starts in
November declined to a seasonally adjusted annual rate of
$524.8 billion from $591.1 billion in October, offset only
partially by a 1-percent rise in residential construction to
$218.5 billion, according to the McGraw Hill Construction
division of McGraw Hill Financial Inc., New York.
Meanwhile, the value
of total construction starts through November 2013 rose 6
percent on an unadjusted basis to $475.3 billion vs. $446.8
billion in the same 2012 period, led by a 25-percent jump in
residential building and an 8-percent increase in
building fell 17 percent in November vs. the prior month to an
annual rate of $179.3 billion, led by an 86-percent plunge in
manufacturing due to fewer major new projects.
was a bright spot in nonresidential data, as commercial
construction, a significant consumer of structural steel,
increased 31 percent, with hotel construction surging 212
percent and office construction up 26 percent. Without the
decline in manufacturing, nonresidential building would have
registered a 16-percent increase in November.
construction fell 21 percent month on month in November,
largely due to a 73-percent decrease in bridge
Novembers decline from the "heightened activity" of
September and October, the construction outlook remains
positive, McGraw Hill Construction chief economist Robert
Murray said. "For 2014, the upward trend for construction
starts is expected to continue."
construction fell 15 percent in the first 11 months of 2013,
this was due largely to a 59-percent drop in electric utility
starts offset by 5-percent year on year growth in public