Construction activity volatile, but recovering.Contracting for new construction in March fell 9 percent from February's spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression. (jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. to a more sustainable level, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the F.W. Dodge division of McGraw-Hill's Construction Information Group. In the latest month, the seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. Dodge Index of construction contract value retreated to 94 (1987=100) after soaring soaring: see flight; glider. soaring or gliding Sport of flying a glider or sailplane. The craft is towed behind a powered airplane to an altitude of about 2,000 ft (600 m) and then released. to 103 in February. "The March reading is consistent with a recovering industry, but hardly one that is booming as February's index improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. implied," said George A. Christie, vice president and chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for F.W. Dodge. "Taken as a whole, the opening three months of 1992 brought the fourth in a series of small but steady quarterly gains," he said. "Current data clearly support that the year-long recovery of the construction sector is continuing." At the end of three months, the unadjusted 1992 total of newly started construction of all kinds, at $54.2 billion, was 18 percent greater than the value reported in the same period in 1991. Housing, ahead by 35 percent so far this year, and "nonbuilding" construction (public works public works pl.n. Construction projects, such as highways or dams, financed by public funds and constructed by a government for the benefit or use of the general public. Noun 1. and utilities), up 24 percent for the quarter, were the sources of 1992's yearto-date improvement. Nonresidential building remained 7 percent behind last year's first quarter total due to the still-depressed commercial real estate market. Contracting for nonresidential buildings, which soared briefly in February, fell just as sharply in March (-16 percent). "A bunching of several commercial building projects, along with February's generous seasonal adjustment factor, produced the February spike. March's lower rate of contracting was more in line with reality," said Christie. March contracts for residential buildings and for nonbuilding construction, both down 5 percent after seasonal adjustment, were nevertheless weil ahead of last year's depressed levels. Lower mortgage rates, in the case of housing, and a new and much expanded highway program are two good reasons to expect continued strength in these categories. At the close of 1992's first quarter, all five major regions of the nation showed substantial improvement over the last year's construction activity. The largest percentage gains were reported in the Northeast (plus 20 percent), the North Central (plus 29 percent) and the South Central (plus 18 percent). Below average gains were confined con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to the West (plus 10 percent) and the South Atlantic (plus 7 percent). |
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