New construction starts in August dropped 9% to $540.6 billion, according to McGraw Hill Construction. The decline followed July’s elevated volume, the strongest so far in 2014, and brought activity back to the average pace reported during the first seven months of this year. By major sector, nonresidential building fell sharply, after being lifted in July by the start of several large manufacturing plant projects, while nonbuilding construction (public works and electric utilities) also retreated. Residential building in August ran counter by posting a modest gain, helped by the continued growth for multifamily housing. Through the first eight months of 2014, total construction starts on an unadjusted basis were $361.4 billion, up 4% from the same period a year ago. For more information, CLICK HERE.
