Essential economics

Pit & Quarry, July, 2004

Monthly Construction Contract Value
Seasonally Adjusted Annual Rates, in Millions

                           Apr. 2004   Feb. 2004   % Change

Nonresidential Building     $148,086    $145,580        2
Residential Building         309,660     315,858       -2
Nonbuilding Construction      86,652      85,688        1
Total Construction          $545,398    $547,126       --

* New construction starts in April were virtually unchanged at a seasonally adjusted annual rate of $545.4 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. Nonbuilding construction, at $86.3 billion, advanced 1 percent in April. The public works sector in April included gains for environmental public works, with sewers up 28 percent; water supply systems up 10 percent; and river/harbor development up 7 percent, but decreased activity for highway and bridge construction, off 5 percent.