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Financials
Nonresidential construction starts jump 9 percent in October
While total construction starts remained unchanged from September, nonresidential building increased 9 percent to $22.8 billion, according to a Nov. 21 report from McGraw-Hill Construction.
“Homebuilding has weakened steadily over the course of 2007, but nonresidential building through October has held up fairly well,” Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction, said in the release.
The start of several large institutional structures led growth for the sector, with healthcare facilities up 47 percent, public buildings up 41 percent and transportation terminals up 88 percent, according to the report.
Hotel construction increased 13 percent, office construction 7 percent. Store construction, however, fell 8 percent compared to September.
Tighter lending conditions and slower employment growth have not had an affect on the nonresidential market yet in 2007, Murray said, “although some dampening is likely to becoming more discernible in the coming year.”
Read the full McGraw-Hill report here.
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