Construction: Too Much Too Soon?

Construction in the U.S. is humming at a record $67 billion-a-year rate, and that ought to make everyone close to the building business happy. But it doesn't. There is open concern— expressed by Federal Reserve Board Chairman William McChesney Martin Jr. and chief Presidential Economist Walter Heller, among others— that the long postwar building boom may be coming to a pause. In the past two years, builders have put up twice as many apartments as they did the previous two years, and there has also been a marked rise in the number of office buildings,...

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