The construction industry should brace for a steep drop in business over the next six months, according to the latest Consensus Construction Forecast, released in January by the American Institute of Architects (AIA).
The semi-annual forecast, which is compiled in conjunction with top economists, predicts that there will be an average 11.1 percent drop in non-residential construction spending in the first half of 2009. The rate is more than 10 times that of the last six months of 2008, when non-residential construction output was forecasted to dip 1.2 percent, for the first decrease in years.
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