A McGraw Hill Construction newsletter had some good news.
“New construction starts in August grew 2% to $429.8 billion (annual rate). The lift was provided by nonbuilding construction, comprised of public works and electric utilities, which advanced 13%. Highway construction rose 12%, helped by emerging support from federal stimulus funding, while water supply projects jumped 38%. In addition, electric utility construction surged 120%, featuring the August start of three large wind power projects. Residential building in August settled back 1%, as multifamily housing retreated 13%. At the same time, single family housing edged up 1%, continuing its improving trend of recent months. Nonresidential building in August fell 3%, due primarily to a sharp drop for healthcare facilities after a very strong July. This was countered by growth for offices, helped by several large data center and government administration buildings, as well as by an upturn for educational facilities.”
Okay. Residential work didn’t grow much, but construction overall is doing better. We are also seeing and hearing signs that remodeling activity is picking up. And if construction overall is doing better and single family housing is edging up, it is only a matter of time before we all start seeing some improvement.
Thanks for the good information Michael i agree with you that construction industry is improving and is recovering up from the bad disaster caused by the recession.As there is a slight increase in the nonresidential construction but at least the market for new homes isn’t getting worse anymore, and that’s the first step to getting better.
Construction of single-family homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since October.
Building permits climbed nearly 6 percent.Each new home built creates about three jobs on average and generates about $90,000 in taxes paid to local and federal authorities.
Thanks,
Portable Storage