New construction starts dropped to $417.6 billion in November or 11% less than the previous month, reports McGraw-Hill Construction. Nonresidential building retreated and nonbuilding construction showed electric utilities pulling back. Residential building, meanwhile, saw moderate growth aided by strengthening multifamily housing activity. During the first eleven months of 2011, total construction was $390.5 billion or 2% less than in 2010. “With total construction starts climbing 12% in October, it wasn’t likely to be sustained since much of that came from unusually large projects starting,” McGraw-Hill economist Robert Murray said. “Construction starts continue to be at a low level, with renewed expansion not yet taking hold.”For the full report, CLICK HERE
