Contracting for new construction fell 5% in...

Contracting for new construction fell 5% in July after spurting higher the previous two months, according to a report by the F. W. Dodge Group of McGraw-Hill Information Services Co. The July decline was concentrated in the volatile public works sector, F. W. Dodge said. The group said construction activity has been drifting downward since last fall. The July level came to an annualized rate of $245.4 billion for contracting for new construction.