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Article: New report documents impact of 'credit crunch' on shopping center development and likely effect on economy. (International Council of Shopping Centers)(includes changes in banks' credit policies)
- Article from:
- PR Newswire
- Article date:
- August 17, 1990
CopyrightCOPYRIGHT 1990 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW REPORT DOCUMENTS IMPACT OF 'CREDIT CRUNCH' ON
SHOPPING CENTER DEVELOPMENT AND LIKELY EFFECT ON ECONOMY
NEW YORK, Aug. 17 /PRNewswire/ -- A new report from the International Council of Shopping Centers (ICSC) said today that shopping center developers experienced unprecedented difficulty in securing construction loans during the first half of 1990.
First half shopping center construction starts fell 24 percent from 1989 to 1990, ICSC said, to the lowest level of starts since the recession of the early 1980's. If that level of decline continues throughout 1990, the report adds, nearly $7 billion will be lost from the national economy ...