New construction marks time

Construction contracting stalled in October as rising interest rates and restraint on public works programs held the value of the month's new projects to last year's level.

According to the F. W. Dodge Division of McGraw-Hill, the value of October's newley started construction of all kinds, at $13.9 billion, was unchanged from the year-ago amount. Adjustment for inflation over the past 12 months left the current physical volume of new construction about 10 percent below the rate for the same 1979 month.