Private commercial construction will take the biggest hit from the credit freeze and the resulting consumer panic. The negative impact is already being felt at the pre-start development phase, probably (data still unclear) at the start stage and soon, if not already, at the work in progress stage. The Reed Construction Data 2009 outlook will have more than the usual error range until financial markets stabilizes and the amount of damage to construction can be better assessed. We judge our outlook to be slightly on the optimistic side of the consensus.

» read entire article