Construction Of New Homes Down

February 19, 2009
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Construction of new homes and applications for future projects both plunged to record lows in January as all parts of the country showed big declines in building activity. The sector is batting on new government programs to stop foreclosures and help stop the sliding construction statistics. According to the Commerce Department, construction of new homes and apartments dipped by 16.8% which is equivalent to about 466,000 units. This is way below the economist-projected 530,000 units for the said period.

Future construction activity may be predicted based on the applications for building permits. This also dipped down to 4.8% equivalent to 521,000 units which is not only below the expectations of economists…

$1M Boston Construction Hits Snag

February 10, 2009
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Well known and respected, real estate company Boston Properties, Inc, whose holdings and business interests run the gamut from Boston, New York, particularly Midtown Manhattan, the nations capital, Washington, D.C., San Francisco and Princeton, N.J. suspended construction on its new project at 250 West 55th Street in New York City.

A large law firm which was scheduled to be one of the tenants of the yet unfinished building, backed out of their agreement as they will be unable to hold up their end of the agreement.

The multi- million dollar office building’s construction, due to be finished by 2011, will resume as soon as the company deems it viable to do so.…

Home Construction Plunges

January 31, 2009
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The financial crisis is taking its toll in the housing industry, plunging home construction further to low levels experienced in the mid century particularly in the 1960’s. Construction of new homes and apartment last year fell to an all time low at 15.5 percent with 550,000 units last month foreclosed, even surpassing November’s already low records.

The level of new home construction plunged to 1991 levels which were admittedly below the 900,000 adjusted annualized rates. This is only the sixth time such level was breached since record keeping started in 1959. These figures have not even been adjusted to the population growth and doing that would only make the August data…