Recession Deepens in Nonresidential Building Market
March 11, 2009 - Jim Haughey
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Nonresidential building jobsite spending declined 6% in the last three months after a long expansion. The decline is 10% for commercial buildings and 3% for institutional buildings. The value of nonresidential building starts fell 10% over the same period after adjusting for declining project costs and the usual seasonality in starts, reports Jim Haughey, chief economist for Reed Construction Data.