Commercial construction nationwide on the decline

The construction industry is bracing itself for nationwide reductions in commercial and public-works projects that could lead to the industry’s deepest and longest contraction in years. In a report released today, McGraw-Hill Construction estimates that the value of new construction projects will fall to $515 billion next year, down 7 percent from this year and 25 percent from its peak of $690 billion in 2006. The decline will lead to cutbacks in the construction of hotels, office buildings, warehouses and factories, the report said.