NEW YORK — At a seasonally adjusted annual rate of $512.9 billion, new construction starts in July slipped 4 percent from a very strong June, according to McGraw-Hill Construction Dodge, a division of The McGraw-Hill Companies. Both residential and nonresidential building were down slightly, while a more significant decline was reported for nonbuilding construction. Through the first seven months of 2003, total construction activity was 1 percent below the same period a year ago.
Residential building, at $267.9 billion, was down 1 percent in July. Single-family housing held steady with the prior month, while multifamily housing fell 4 percent. The volume of single-family housing remains robust — July’s pace was 8 percent above the average for last year.