A report released in late October 2008 by New York-based
McGraw-Hill Construction Cos. Inc. estimates new construction
projects' values will have dropped to $515 billion by the end of
2008, which is a 7 percent decrease from 2007 and 25 percent less
than its $690 billion peak in 2006.
Hotel, office building, warehouse and factory
construction—which has remained relatively strong in recent
years—is expected to decline. In states with low tax
revenues, financing for commercial projects has become too
expensive or difficult to secure. Although most construction
downturns last one or two years, the current construction downturn
will be in its third year for all property types and fourth year
for single-family homes, according to the McGraw-Hill...
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