Non-residential construction has been a bright spot in the economy. It dipped last summer, but recovered in the past few months. The bad news, though, is that architectural activity suggests another round of declines for construction. After all, the architect works before the contractor starts his job. Here's what the American Institute of Architects reports:
This decline is associated with tight credit conditions for real estate development, so it's not necessarily in addition to the credit crunch, but perhaps caused by the credit crunch. So pencil in gloomy numbers for construction for the rest of 2009.