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Construction

The US building boom has ended

May 05, 2003
The US building boom has ended05/05/2003 - The US analysis and research firm economy.com has unveiled preliminary figures on the state of the building sector in the United States. The statistics confirm that the building boom has ended. House sales in the San Francisco area fell by 15% in the quarter to March compared to the same period in 2002, and the fall in sales averaged 7.5% throughout Southern California. Further falls have been reported in Denver (-18%) and Richmond (VA) (-5%). In Massachusetts sales fell by 15% in the first quarter over the same period in 2002.

Nonetheless, sales of new houses rose slightly in March compared to February (about 1-1.5%). Local analysts largely attribute the building crisis to the stock market collapse of 2001-2003, which is draining resources from the property market due to lost revenues.

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