The value of newly started construction fell...

The value of newly started construction fell 8% in January from the previous month, led by a steep drop in non-residential buildings, the F. W. Dodge division of McGraw-Hill Information Systems Co. said. The construction research concern said the latest decline continued a downward drift from highs reached last August. The annualized value of new construction contracts fell to $228 billion in January from $247.3 billion in December, 1987. On a seasonally adjusted basis, contracts for non-residential building tumbled 16% to $75.6 billion, residential construction fell 3% to $110.4 billion and public works construction fell 4% to $42.0 billion.