S&P Sees US Commercial Construction Spending Down 14% In 2010

Spending on the U.S. commercial property construction will likely drop 14% this year as the sector's woes continue, according to Standard & Poor's Ratings Service in a new report Monday.

Commercial real estate continues to suffer as demand for space in offices and malls and rooms in hotels and apartment buildings remains far below pre-recession levels. Credit has tightened and values have dropped 40% from the highs of several years ago.

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