The dirt keeps moving.The value of new construction contracts has been consistent in the first two months of 2006, with an overall gain of about 9 percent over the value of activity in 2005. Activity was consistent in January and February, 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 McGraw-Hill Construction division of The McGraw-Hill Companies, Lexington, Mass. Some forms of 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. spending were down in February versus January, although highway construction spending Construction Spending An economic indicator that measures the amount of spending towards new construction. Released monthly by the U.S. Department of Commerce's Census Bureau, it looks at residential and non-residential construction in the private sector, and state and federal at actually increased. "While somewhat slower than the brisk pace last fall, the level of construction contracting can still be viewed as healthy," says Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction. "Although public works dropped back in February, the decline followed a strong January, and upcoming months should see the public works sector regain upward momentum," he adds. Non-residential building in February climbed 6 percent to $181 billion in new contracts. After a very weak January, the two largest institutional structure types rebounded sharply: educational building projects up 45 percent and health care facilities spending up 48 percent. The commercial categories in February showed a varied performance. Hotel construction surged 69 percent, rebounding from a weak January, with the push coming from groundbreaking for the $60 million hotel portion of a $330 million hotel/casino in Detroit. Store construction in February expanded further, rising 18 percent, but the office category in February dropped 44 percent. This was due in large part to the comparison versus a January that included the start of the massive Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The manufacturing plant category in February dropped 39 percent, slipping back from its improved activity in January. Residential building, at a $381 billion annual rate was up 2 percent in February. The dollar volume of new single-family homebuilding was unchanged from the previous month, while multi-family housing jumped 14 percent. Lifting the multi-family category were the start of five large condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. projects in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Jersey City, N.J., Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Chicago and Clearwater, Fla. The continued presence of major projects in early 2006 suggests that any cooling down Cooling down is the term used to describe an easy, full-body exercise that will allow the body to slowly transition from an exercise mode to a non-exercise mode. Depending on the intensity of the exercise, cooling down can involve a slow jog or walk, or with lower intensities, in the condominium market will be a gradual one, Murray suggest. New activity in the infrastructure segment in February dropped 13 percent compared to a very active January. Most of the public works categories registered declines, including sewers, down 23 percent; bridges and river/harbor development, each down 22 percent; and water supply systems and site work, each down 15 percent. However, highway construction in February rebounded 12 percent after a lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" January, with large highway projects started in Arizona, Florida and Maryland. Total construction by geographic region for the January-February period of 2006 breaks down as follows, with the North showing unusually strong activity: the Midwest, up 21 percent; the Northeast, up 18 percent; the West, up 7 percent; the South Central, up 4 percent; and the South Atlantic, up 3 percent.
U.S. CONSTRUCTION CONTRACT VALUES
%Change Jan-Feb 2006 Jan-Feb 2005
Residential +8% $52.5 * $48.9 *
Non-Residential Const. +14% $24.4 * 21.4 *
Infrastructure +4% $14.7 * 14.1 *
Total +9% $91.6 * $84.4 *
* in billions
Source: McGraw-Hill Construction
Note: Table made from bar graph.
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