New Construction Starts in December Jump 23 Percent; Annual Total for 2012 Advances 6 Percent to $463.6 Billion
New construction starts in December climbed 23% to a seasonally adjusted annual rate of $530.0 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. The sharp increase for total construction followed two months of lackluster activity, as several very large projects in December helped to lift the pace of contracting. By major sector, substantial gains in December were reported for nonresidential building and nonbuilding construction, while housing maintained the steady upward trend that’s been present for much of the past year. For all of 2012, total construction starts grew 6% to $463.6 billion, a moderate yet stronger rate of increase than what took place during 2010 (up 2%) and 2011 (up 1%).
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