The US commercial construction segment set to shrink in 2021
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The commercial construction sector is expected to remain weak and shrink by 10.5% in real terms in 2021, following the contraction of 6.2% in 2020
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Investments in the lodging and office buildings segment remained weak in the first half of 2021, with the total value of office, lodging and commercial buildings put in place falling by 30.1%, 11.1%, and 3.8%, respectively, in the first seven months of 2021
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The sector is expected to recover in 2022, supported by a gradual recovery in tourist arrivals, improvement in retail sales, and the government’s plan to allow vaccinated international travelers from November 2021. The demand for office space is currently subdued, owing to the remote work revolution brought about by the pandemic
The US commercial construction segment set to shrink in 2021
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