Construction Drawing Symbol

The answer is most likely "yes" if the "N" is used in conjunction with an "arrow" or "triangle-in-a-circle", or some other similar symbology.

Other than that, I haven't the foggiest idea what it could represent...

Go to this web site and you will see many examples of "N" used on drawings.

http://www.google.com/images?um=1&hl=en&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&channel=s&biw=1008&bih=581&tbs=isch%3A1&sa=1&q=%22North+Arrow%22&btnG=Search&aq=f&aqi=g10&aql=&oq=

Unless a note is given, "N" usually means geographic or true north. I don't think magnetic north is commonly used, but if it is it should be so designated. For buildings that are oriented differently from true north, it is quite common to show a "building north" or "plan north"; which should be noted as such. This is useful if you don't want to tell people to proceed to the north-northwest end of the hallway, for example.

The others have answered correctly.

There was another recent discussion along this same line. Perhaps review this thread for a little more discussion.