Office construction is on the rise

Current pace projects $37 billion this year.

Slowly but surely, U.S. office construction is on the rise.

For much of the six years since the economy tumbled in 2008, office developers haven’t been very busy. Save for the occasional city with a booming industry – led by Houston and Silicon Valley— new office construction has been sparse.

But that’s been changing, particularly over the past year-and-a-half, numbers from the Census Bureau released last week show.

Office developers in September were spending at a pace that was up about 18% compared with September 2013, the Census said. The pace in September, if annualized, would result in $37 billion worth of office building construction for the year, the Census said.

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Source: The Wall Street Journal