Projects stall in New York as developers struggle to secure financing
The financial crisis has forced developers to cancel or postpone projects worth $5 billion in New York City, according to research by the nonprofit Urban Land Institute. Tighter lending markets have also affected development in other parts of the U.S. The growth rate for construction and land development loans declined to 0.08% through September. That's down from 11.3% for 2007 and 25.7% in 2006, according to the Federal Deposit Insurance Corp.
New York Times (free registration), The | 12/26
This story published in AGC SmartBrief on 12/29/2008
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