Nonresidential construuction slides in July as stimulus dollars 'trickle' out

The Journal of Business ^ | 9/1/2009 | AGC

[Military family member]

Downturns in multi-family construction and both private and public nonresidential construction swamped a strong upswing in single-family homebuilding in July according to an analysis of federal construction spending data provided today by a leading construction economist.

That analysis of U.S. Census Bureau data released today shows that total construction spending fell 0.2 percent, seasonally adjusted, from a downwardly revised June total.

[ravingnutter]

My Hubby said that he was told the banks aren’t loaning the money out for commercial contracts like they are supposed to and when they do, they are asking for a 20% retainer from the contractors, which puts a hardship on the contractors and prevents them from hiring more workers. He was laid off two weeks ago.

[mmichaels1970]

My company (road construction) is saying the same thing. No projects are being started, the money is just gone. The banks are clawing back everything they can and aren't lending.

I was lucky enough to receive only a 10% pay cut. Others around here are getting worse news.