At a seasonally adjusted annual rate of 556.1 billion dollars, new construction starts in May were up 1 percent compared to the previous month, it was reported by McGraw-Hill Construction, a division of The McGraw-Hill Companies. Nonresidential building registered its strongest performance so far in 2004, outweighing a modest retreat for housing and a more substantial decline for nonbuilding construction (public works and electric utilities). May's data lifted the Dodge Index to 167, up from the revised 166 for April. During the first two months of 2004, the Dodge Index had averaged 160, down from the 165 mean for the second half of 2003. The subsequent three months have seen the Dodge Index move back slightly above the 165 mark.
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