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Non-residential building stumbles badly

Reuters reports that the American Institute of Architects’ monthly Architecture Billings Index fell from 36.2 in October to 34.7 in November. Anything under 50 reflects crumbling demand for architects, which spells trouble down the road for potential construction projects.

“With mounting job losses, declines in retail sales, and travel cutbacks, the need for new commercial facilities has dropped considerably recently,” AIA Chief Economist Kermit Baker said in a statement.

“What’s just as troubling is that the institutional sector — schools, hospitals and public buildings — is also beginning to react to tighter credit conditions and a weakening economy.”

Well, maybe Obama’s Billions will fix all that. Let’s hope.

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Tom Mangan posted at 11:28 pm December 16th, 2008 |

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