Value of May Construction Deals Rises 6%
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NEW YORK — Three public works projects totaling $300 million helped boost the value of new construction contracts in May by 6% from the month before, the F. W. Dodge Division of McGraw-Hill said Wednesday.
The Dodge index of construction contracting, which uses 1982 as its base of 100, rebounded to 155 in May, compared to April’s four-year low of 147.
The seasonally adjusted indicator of future construction activity represents the value of newly started projects of all kinds.
In May, contracting for public works and utility projects grew 12% to its best level this year. The projects included three lock-dam structures being built by the U.S. Army Corps of Engineers along waterways in Oregon, West Virginia and Pennsylvania, Dodge said.
Although these projects gave the May figures a lift, the level of general building activity also rose, Dodge said. Non-residential building contracting advanced 6%, while residential building rose 4%.
Despite May’s increase, year-to-date contracting activity was 7% below the activity in the same five months of 1989, Dodge said.
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