Billings index indicates construction sector contraction

11/18/2010 | Reuters

The credit squeeze continues to weaken the U.S. building sector. The Architecture Billings Index fell nearly 2 points to 48.7 in October, according to the American Institute of Architects, indicating a contraction in the construction market. "Reluctance from lending institutions to provide credit for construction projects and a sluggish economy are the main impediments to a revival of the design and construction industry," said Kermit Baker, the group's chief economist.

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