New construction starts increased 16 percent in September, McGraw Hill Construction reported last week, based on data collected. Year-to-date starts for the first nine months of 2012 compared with the same period in 2011 jumped 5 percent. Nonbuilding construction starts soared 67 percent for the month and 6 percent year-to-date, while residential starts dropped 1 percent in September but leapt 26 percent year to date. Nonresidential building starts decreased 5 percent for the month and 12 percent year to date.
Meanwhile, housing starts jumped 15 percent in September and 35 percent from a year earlier, according to Census Bureau reports. Single-family starts leapt 11 percent and 43 percent respectively, with multifamily starts climbing 25 and 20 percent.
Reports from the Fed’s Beige Book showed that “economic activity generally expanded modestly” from mid-August to late September. (The above reports were compiled by the Associated General Contractors of America.)