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Commercial Construction Remains on the Decline

Despite reports from the 12 Federal Reserve districts indicating that economic conditions are improving modestly since the last report more than a month ago, market conditions for commercial real estate and construction were reported to have weakened in virtually all districts, with rising vacancy rates and downward pressure on rents.  According to the AIA semi-annual Consensus Construction Forecast, nonresidential construction spending is expected to decrease by 13.4% percent in 2010.  12/11 EC&M