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May contracts increased 4 percent

New construction contracts increased 4 percent in May, reports the F.W. Dodge Division of The McGraw-Hill Cos.

"The improved activity in April and May shows the construction industry climbing back to 2001's pace when the Dodge Index averaged 149," states Robert A. Murray, vice president of economic affairs for F.W. Dodge. "However, this year is seeing a different mix by project type — more single-family housing and public works while commercial building remains well below the levels reported in the early months of 2001."

Nonresidential building construction increased 6 percent in May. Health-care facilities rose 32 percent; amusement-related work advanced 23 percent; and public building category climbed 55 percent. Transportation terminal work doubled, and school construction fell 13 percent. In the commercial categories, hotels rose 5 percent; stores advanced 8 percent; and warehouses grew 16 percent. Office construction dropped 1 percent, and manufacturing plant construction fell 14 percent.

Residential building construction advanced 2 percent in May. Single-family housing rose 1 percent, and multifamily housing increased 13 percent. Major U.S. regions reported the following activity for residential construction: West grew 5 percent; Northeast climbed 4 percent; South Central rose 3 percent; South Atlantic increased 2 percent; and Midwest fell 1 percent.

Total construction activity in May was 1 percent higher than the corresponding amount during 2001. Residential building construction increased 10 percent, and nonbuilding construction gained 1 percent. Nonresidential building fell 11 percent.

The Northeast increased 7 percent; Midwest climbed 7 percent; South Atlantic rose 6 percent; West fell 4 percent; and South Central decreased 10 percent.

7/9/2002  

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