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Construction investments shrank by roughly 30% last quarter

from Virginia Business Magazine

While the U.S. domestic gross product in the second quarter dropped to its lowest point since 1947, nonresidential and residential fixed investment contracted by 27% and 38.7%, respectively, the Associated Builders and Contractors (ABC) reported recently. "Despite construction's status as an essential industry in most cities and states, the sector did not escape the wrath of COVID-19 during the worst economic quarter on record," ABC Chief Economist Anirban Basu said in a statement. more

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