Construction Decline May Have Hit Bottom: The...
From Times Staff and Wire Reports
Construction Decline May Have Hit Bottom: The recession in construction may be bottoming out, according to a monthly market index. The value of new construction projects appeared to stabilize in January at a level 30% below its September, 1989, peak, said the Dodge index prepared by the F. W. Dodge division of McGraw-Hill. The seasonally adjusted index stood at 132, virtually unchanged from December’s 133. The index uses 1982 as its 100 base. January’s activity was buoyed by a 13% increase in public works and utility construction as values climbed to $48.79 billion from the previous month. Residential construction tumbled another 7% to $79.31 billion.
