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Construction starts revealed a downward trend over the course of 2008 as emerging weakness for commercial building joined housing's extended slide, according to New York-based McGraw-Hill Construction's survey of construction starts. Nonresidential building in 2008 edged up 1% to $237.7 billion, with part of the upward impetus coming from a 53% surge for manufacturing plant construction that was lifted by the start of four massive oil-refinery expansions totaling a combined $14.3 billion. The commercial side of nonresidential building fell 17% in 2008, showing the impact of the weak economy and tight bank lending standards.
Nonresidential construction, multifamily building fall in 2008 Anonymous Mortgage Banking; Mar 2009; 69, 6; Docstoc pg. 91 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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