New Construction Annual Rate Flat in March

Atlanta, GA, April 21, 2011 -- New construction starts in March came in at a seasonally adjusted annual rate of $404.9 billion, according to McGraw-Hill Construction.

The annual rate was unchanged from February.

Nonresidential building in March increased sharply, but declines were seen in housing and nonbuilding construction.

Multifamily housing strengthened but single family housing continues to be very weak.

Meanwhile, commercial building seems to have reached bottom, and gains for commercial building in March may indicate a turnaround.

Nonresidential building in the first quarter of 2011 was down 2% from the fourth quarter of 2010, depicting a market that’s still receding but beginning to stabilize.

Most of the nonresidential structure types gained in March and office construction surged 87% in March. Many large projects got underway

Store construction in March rose 37%. Warehouse and hotel construction were up 67% and 43% respectively.