24.10.2008 - Construction industry braces for contraction
From WSJ: The construction industry, already hit hard by the housing downturn, is bracing for serious reductions in commercial and public-works projects that could lead to the industry's deepest and longest contraction in recent years. In a closely watched report scheduled to be released Thursday, McGraw-Hill Construction estimates the value of new construction projects will fall to $515 billion next year, down 7% from this year and off 25% from its peak of $690 billion in 2006. The decline will be led by cutbacks in the construction of hotels, office buildings, warehouses and factories..... Full Article: Source
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