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Built to bust

Brad DeLong, professor of economics | May 25, 2011

In the mid-2000’s, the United States had a construction boom. From 2003-2006, annual construction spending rose to a level well above its long-run trend. Thus, by the start of 2007, the US was, in essence, overbuilt: about $300 billion in excess of the long-run trend in construction spending. When these buildings were constructed, they were … Continue reading »