CMD recently announced that January’s $22.5 billion of construction starts, excluding residential activity, was 10.1 percent lower than in December. The decline all but disappears, however, when allowance is made for seasonality. CMD’s long-term average December-to-January moderation, due to obstructionist winter weather, has been 8.5 percent. (Despite making the foregoing allowance, the figures referred to throughout this report are not …