Big construction projects on ice, non-residential construction still rising
Of skyscrapers projects in process in the States, more than 10% have been put on hold. The U.S. Census Bureau reports non-residential construction is still rising.
According to Emporis , a provider of global building data, work on skyscrapers across the globe has slowed significantly
The firm states that regarding skyscrapers—defined as buildings 100 meters tall or higher—work has stopped on 8.7% (124 of 1,431) of tall buildings already underway worldwide. While slowing conditions in the U.S. real estate market is most likely a prime catalyst for the construction pause, conditions in this country are better than in others. In Australia, four out of 36 skyscraper projects have stopped, a total of 11%. Further, the holds in the U.S. projects have been more recent than in Asia, where many projects were stopped well before the subprime mortgage crises took hold; in America, only one project (Met 1 in Miami) has been on hold more than six months.
The U.S. Census Bureau, on the other hand, reports that in October, the estimated seasonally adjusted annual rate of public construction spending was $316.1 billion, 0.7% (% (±5.9%) below the revised September estimate of $82.5 billion.