Yes firms started delaying construction projects where my husband works (Commercial Const.) when they thought he would get in and then cancelled them when he did. We have never seen things this bad and he has worked there for a little over 36 years now.
Which is part of the reason loans are down. Who needs to expand? Plenty of un-used capacity. New loans would presumably be for survival, which makes them risky.
The frippery slope.
parsy, who questions where the “demand” will come from