Nonresidential construction hits 6-month low

02/24/2010 | Reuters

The Architecture Billings Index, a key measure of U.S. nonresidential construction spending, fell 2.9 points to 42.5 last month -- its lowest level since August 2009. The decline is attributed to commercial and industrial construction projects that are getting delayed or canceled. "Lending institutions are placing unusually stringent equity requirements on new developments," said economist Kermit Baker.

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