New construction starts held within one percent of the March volume, according to McGraw Hill Construction, a division of the McGraw-Hill Companies. Total construction for April was reported at a seasonally adjusted annual rate of $545.4 billion, 0.3 percent below March’s figure. Residential building declined slightly in April, offset by small gains for nonresidential building and public works.
“To a small degree, April witnessed the broad pattern that’s expected to be present during 2004 – single-family housing settling back from an exceptionally high volume, while nonresidential building registers modest improvement,” said Robert Murray, vice president of economic affairs for McGraw Hill Construction.
Residential building dropped 2 percent in April to $309.7 billion, while nonresidential building, at $149.1 billion increased 2 percent, and nonbuilding construction rose 1 percent to $86.7 billion.
Over the first four months of 2004, total construction was up 9 percent year over year, with residential building up 20 percent, nonresidential building down 3 percent and nonbuilding construction down 4 percent.
