That means they are likely to gravitate toward simple, tasteful new construction at lower price points and away from modern towers loaded with amenities.
He points to evidence that construction is picking up again after a long slump, and to a surge in imports of machinery.
The graph would include little spikes marking the high points of Mesopotamian agriculture, Egyptian construction and jewelry, Chinese gunpowder and paper, Athenian education, Roman roads and aqueducts, and so on.
If one were to graph the pace of technological breakthroughs and resulting business structure changes and wealth creation throughout history, the graph would include little spikes to include the high points of Mesopotamian agriculture, Egyptian construction, Chinese paper, Athenian education, Roman roads and aqueducts, and so on.
However, as Neville Hill at Credit Suisse points out, two much smaller sectors - construction and energy - have also been pulling the figures down in the past six months.
However, our perusal of activity in many markets points to mostly build-to-suits in construction activity.
FORBES: Real Estate Forecast 2013-2014: Commercial Properties
Home construction already exacted its toll on GDP of a couple of percentage points.
Several eco-friendly construction and design features helped the building earn a total of 43 points towards LEED Gold certification including the use of materials with recycled content, regionally sourced materials, energy efficiency upgrades and windows with a special coating to reduce heat transmission.
Stephen Roach, also of Morgan Stanley and a well-known contrarian, points out that less than a third of the run-up in construction spending over the past decade has been reversed.
But Indonesia has coal-fired power stations under construction that will absorb an extra 20m tonnes or so of coal by 2011, points out Adam Worthington, a commodities analyst at Macquarie Securities.
Across the different sectors, non-manufacturing PMI for the construction industry hit a whopping 62.5, up by 4.5 percentage points over the previous month even as housing takes a beating from a new 20% tax on used home sales and a ban on same-city second home purchases in Beijing.
FORBES: Market Still Ignores China's Relatively Positive Economy
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