Nonresidential Construction Falls 3% in August But Multifamily Housing Posts a Gain

NEW YORK CITY-The lodging industry continued the decline from its peak in 1998, but there was some good news from the office building and multifamily sectors.

By John Howe | September 29, 2000 at 01:01 AM

The reduction in hotel construction has been ongoing since it reached a high two years ago. It fell 7% last year and is expected to decline this year as well.

But there was some good news, too. Office building construction rose 15% and work on transportation-related buildings increased by 28%. Multifamily housing went up by 14%, a rise attributed to a drop in the 30-year fixed mortgage rate.

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