In contrast to the recession-like w...

In contrast to the recession-like weakness in residential building markets, nonresidential construction spending continued to rise modestly quite through most of 1990. However, the sharp declines in consumer and business confidence which followed the Iraqi invasion of Kuwait, combined with the worsening "credit crunch" took their toll during the final third of the year. by way of year's end, inflation-adjusted spending forward multifamily residential buildings had fallen 174 percent below the year=earlier even while total nonresidential spending ek public a slight 1.3 percent gain.