In a recent study conducted by McGraw Hill Construction, it was revealed that construction of new buildings increased in December by 23 percent compared to the rates of November 2012.The total rate of construction also hiked by 6 percent annually.
The sharp increase came after two months of construction gloom.
The non residential building construction went up 33 percent in December. A large number of office and retail constructions broke ground in various parts of the country in the latter half of 2012. Warehouse projects also rebound in the month of December. However, the sector recorded a 9 percent decline throughout the year.
Non-building constructions soared to 42 percent in December. Non-building construction includes miscellaneous public construction and environmental construction projects.
A large part of the percentage increase is attributed to the electrical utility projects. Public construction also witnessed a small recovery recording a 7 percent increase in December after sliding down 22 percent in November. Throughout the year, construction on non building projects rose by 2 percent.
Construction of residential buildings increased 6 percent in December. Single family homes went up by 3 percent and multifamily homes surged by 15 percent in December. Student housing projects also broke ground in December adding to the percentage increase. The sector recorded a 29 percent increase in the past year.
Figures in the report portray the recovering condition of the housing market. In another study conducted by the Council of Tall Buildings and Urban Habitat, it was analyzed that construction of sky-rises will also increase in 2013.
Find the complete statistics of the study at McGraw Hill Construction.