Credit Crisis Rattles Nonbuilding And Nonresidential Markets - ENR | McGraw-Hill Construction

Description:
Through the first eight months of this year, the value of new construction starts was down 15% from a year ago, primarily due to the 38% collapse in residential construction, according to McGraw-Hill Construction, of which ENR is part. MHC’s report for August also shows no gain for the year for heavy and highway markets, while nonresidential building work increased just 5%. In August, the nonresidential building market got a huge boost from the start of a $3.5-billion steel plant in Alabama. “The credit crunch has had the most immediate impact on stores and warehouses,” says Robert Murray, chief economist for MHC. He says “dampening is beginning to emerge for offices” and expects weakening in other commercial markets.

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