Dodge Construction Starts Post Sharp Monthly Decline

摘要

The value of new construction starts dropped 12% in January to a seasonally adjusted annual rate of $469.1 billion, according to Dodge, a division of McGraw-Hill Construction. The decline followed a sharp 23% increase in December and brought the level of contracting back to the average pace that was reported during 2012. "The pullback for construction starts in January was not surprising, given the up-and-down pattern that was present for much of 2012," says Robert Murray, chief economist for McGraw-Hill Construction. "The automatic spending cuts as part of the sequestration process [are] likely to restrain the fragile economic expansion," Murray adds.