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February 4, 2021

Residential construction remains strong; spending on nonresidential work slumps

  • ABC economist Anirban Basu says commercial real estate will likely remain weak for years due to the pandemic.
  • Photo by Benjamin Minnick [enlarge]
    Gary Merlino Construction is busy building the new Alaskan Way near downtown Seattle’s waterfront.

    As one might expect, spending on homebuilding is booming as the coronavirus extends its unwelcome stay, with workers abandoning high-rise offices in favor of home offices. Accordingly, spending on nonresidential construction, which includes projects like manufacturing facilities and hotels, is slumping.

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