Built to Bust
In 2007, it was reasonable to expect that construction spending in the US would be depressed for some time to come. But the extent of the subsequent fall-off in construction spending relative to long-run trends has dwarfed the level of excess spending in 2003-2006.
https://prosyn.org/E3WY3wD
BERKELEY – 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.