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Building Products – Key market drivers: |
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Residential housing starts |
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Square feet of construction |
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Construction value |
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Architectural billings |
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Office vacancy rates |
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Key market trends:
Non-residential construction (16.5% of ongoing Group sales) |
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Non-residential construction declined by 46% by area and 33% by value (as measured by Dodge). |
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Office vacancy rates in the US are continuing to rise, implying further contraction in activity. |
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The US Architectural Billings Index remained below 50, implying contraction continuing into 2010. |
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Increasing focus on ‘green’ buildings through demand for LEED-certified buildings. |
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Residential construction (8.0% of ongoing Group sales) |
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Residential construction declined by 30% by area and 31% by value (as measured by Dodge). |
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Annual housing starts in the US were 554,000 units in 2009, a decline of 39% compared to 2008. |
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Inventories of unsold homes in the US decreased, standing at 7.2 months for existing homes and 8.1 months for new homes at the end of 2009. |
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House prices in the US rose month-on-month in the second half of the year, but remained below 2008 levels. |
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