Wall Street Journal (02/13/08) P. B8; Timiraos, Nick
A new Census Bureau report shows that outlays on commercial construction projects in December was flat at a seasonally adjusted annual rate of $671 billion, ending 14 consecutive months of growth in nonresidential construction spending. Economists lament that the latest results provide further proof that the overall commercial building boom is nearing an close, as a handful of projects have already been postponed or canceled. Retail and offices are expected to be two of the hardest-hit areas. After averaging an annual 300 million square feet in retail construction starts over the last three years, McGraw-Hill Construction predicts those numbers to fall by as much as 15 percent in 2008. Looking ahead, competition is expected to be particularly fierce on government projects, which will likely not be scaled back as much as private development.
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