At a seasonally adjusted annual rate of $417.6 billion, new construction starts in November dropped 11% from October’s elevated pace, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies.

The value of new construction starts advanced 12% in October to a seasonally adjusted annual rate of $469.8 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies.

The construction industry is one of the most volatile sectors in the U.S. economy, and as such benefits greatly from economic expansions and suffers greatly in economic downturns. The most recent economic cycle has been particularly devastating for the construction industry. Since the end of 2008, construction spending in the U.S. has declined by more than a quarter, or by almost $300 billion, with the loss in this sector alone accounting for a 2% decline in the size of the U.S. economy.

New construction starts in September receded 1% to a seasonally adjusted annual rate of $419.5 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies.

At a seasonally adjusted annual rate of $424.7 billion, new construction starts in August advanced 8%, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies.