Construction Industry Update - November 12, 2007
- Total US nonresidential construction spending grew 14.4 percent year-to-date in September 2007 compared to a year earlier
- US steel prices, an indicator of construction costs, fell slightly in October 2007 compared to a year ago, according to Engineering New Record.
Construction not Contracting, Yet - The commercial real estate boom of the past few years has begun to slow, but there has been no great contraction yet. Various troubles affecting residential real estate haven't found their way to the commercial construction industry: private, nonresidential construction spending rose 17 percent in the past year. Architects and contractors are watching for problems, however, as federal guidelines for commercial real estate lending tighten.
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