New Construction Down 6%: New construction contracts...
From Times Staff and Wire Reports
New Construction Down 6%: New construction contracts were down 6% in October to $262.58 billion, compared to $279.72 billion in September, the F. W. Dodge construction report said. The October figures reflected the tone set in the industry in the past two years, and followed a strong September performance reflecting an unusually large number of public works projects, the report said. The October decline mostly reflected an 11% drop to an annualized $46.8 billion from $52.88 billion in September in the public works and utilities construction sector. Residential building held steadily in October at $121.5 billion.