During the 1990s, retail construction moved in the same general direction as housing starts, and the two were considered to have a close relationship since retail was typically the "second tier" of construction following the start of a new housing development. From 2000-2005, the housing market climbed 32% thanks to a precipitous decline in interest rates and the strong rise in home prices. From the 2005 peak through 2007, housing starts fell 35%. Retail construction spending, however, then soared 42% through 2005, when the housing market peaked. Essentially, retail construction spending has yet to see any effect of the housing downturn. The International Council of Shopping Centers (ICSC) predicted that 5,770 retail stores will close this year, 25% more than in 2007. With retailers shuttering stores, it can't be long before plans for new construction are shelved as well.