Lead forecaster: New construction remains on track

Source: McGraw Hill Construction, New York

In the Midyear Update to the 2013 Construction Outlook, McGraw Hill Construction reports that new construction starts are pacing $506 billion this year, sustaining a 6 percent growth rate staff projected last October, and following an 8 percent 2012 gain.

Public works construction will rise 3 percent above prior year levels, helped by highway and bridge activity that has been largely exempt from federal spending cutbacks under the sequester. McGraw Hill Construction staff has noted a healthy level of bridge starts supporting the moderate gain projected for the public works segment.