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Courtyard Dr. • Bldg. 3, Ste. 115 Austin, Texas 78730 editor@worldfencenews.com MONTHLY SUMMARY OF CONSTRUCTION STARTS Prepared by McGraw-Hill Construction Research & Analytics MONTHLY CONSTRUCTION STARTS Seasonally Adjusted Annual Rates, in Millions of Dollars February 2014 January 2014 Percent Change Nonresidential building $ 141,946 $ 156,607 – 9 Residential building 213,808 206,982 + 3 Nonbuilding construction 130,925 121,544 + 8 Total construction $ 486,679 $ 485,133 0 THE DODGE INDEX (Year 2000 = 100, Seasonally Adjusted) February 2014 .................................................... 103 January 2014 ...................................................... 103 YEAR-TO-DATE CONSTRUCTION STARTS Unadjusted Totals, in Millions of Dollars 2 Mos. 2014 2 Mos. 2013 Percent Change Nonresidential building $ 20,276 $ 23,096 – 12 Residential building 28,702 27,379 + 5 Nonbuilding construction 17,757 18,119 – 2 Total construction $ 66,735 $ 68,594 – 3 February construction unchanged from January continued on page 62 NEW YORK – At a seasonally ad- justed annual rate of $486.7 billion, new construction starts in February were essentially the same as January's amount, according to McGraw Hill Construction, a division of McGraw Hill Financial. After the strong finish to last year, the construction start statistics have shown lackluster activity during the first two months of 2014. The flat pace for total construction starts in February was due to a mixed performance by major sector – less nonresidential building, but more housing and public works. For the first two months of 2014, total construction starts on an unad- justed basis were reported at $66.7 bil- lion, down 3% from the same period a year ago. February's data kept the Dodge Index at 103 (2000=100), remaining below the full year 2013 average for the Index at 111. "While construction activity has generally trended upward over the past two years, the monthly pattern has fre- quently been hesitant, and early 2014 has turned out to be one of those hesi- tant periods," stated Robert A. Murray, chief economist for McGraw Hill Construction. "To some extent, the harsh winter weather has played a role in dampen- ing construction activity, particularly as it relates to single family housing. At the same time, multifamily housing in early 2014 has been able to strengthen further. "For nonresidential building, the upturn so far has been much more gradual and subject to setback, such as what took place in this year's first two months. Still, the commercial building sector is seeing rising occupancies and rents, and the improved fiscal health of states and more financing from bond measures should help the institutional building sector stabilize, which would enable nonresidential building to soon regain upward momentum. "For nonbuilding construction, the prospects for renewed growth in 2014 are more limited, given the compari- son to 2013 which included the start of several massive public works projects, in combination with the continued re- trenchment for new electric utility starts underway after the record high reached back in 2012," he said. Nonresidential building in Febru- ary dropped 9% to $141.9 billion (an- nual rate), sliding back for the third month in a row after the heightened volume registered last fall. The volatile manufacturing plant category, plunging 75%, was respon- sible for much of February's nonresi- dential building decline. If manufacturing plant construc- tion is excluded, then nonresidential building in February would be up 4%. January's manufacturing plant amount had been boosted by the start of a $1.2 billion propane dehydro- genation facility in Texas; in contrast, the largest manufacturing project re- ported as a February start was a $143 million medical products plant, also in Texas. Commercial building in total climbed 10% in February, helped by gains for offices, warehouses, and ho- tels. Office construction advanced 17%, helped by groundbreaking for several large office buildings, located in Albany, N.Y. ($103 million), San All Sizes And Lengths • Certification Available We Also Manufacture Truss Rods Southwestern Wire, Inc. P.O. Box CC • 3505 N. I-35 • Norman, OK 73070 1-800-348 WIRE (9473) Fax: 1-405-447-2830