The value of new construction starts in April dropped 13% from the previous month to a seasonally adjusted annual rate of $647.8 billion, according to Dodge Data & Analytics. The decline followed three straight months of gains, which saw total construction activity rising 20% from the lackluster amount reported back in December.
Much of April’s slide for total construction reflected a steep 39% plunge by the nonbuilding construction sector, which had been lifted in March by the start of two large pipeline projects—the $4.2-billion Rover natural gas pipeline in Ohio and Michigan, and the $2.5-billion Mariner East 2 propane and natural gas liquids pipeline in Pennsylvania.
