Non-residential construction improving
According to McGraw Hill, new construction starts in May increased 3% to $406.3 billion (annual rate).
Providing support was nonresidential building, which bounced back 19% in May following its 21% decline the previous month. The educational building category in May rose 31%, with help coming from the start of a large medical research building for the U.S. Army in Maryland. A substantial gain was also reported for office construction, up 44%, that reflected the start of a $200 million renovation project at the U.N. Conference Building in New York. This is mildly encouraging news for the precast concrete industry that relies primarily on commercial and institutional construction.
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