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Article: Rochester, Minn., Area Endures Mixed Economic News in 2002.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 30, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. 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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By Bob Freund, Post-Bulletin, Rochester, Minn. Knight Ridder/Tribune Business News
Dec. 30--The Rochester area's business scene was stoked by growth during 2002, but it also proved susceptible to the economic downturn obvious in other parts of the nation.
The local construction industry enjoyed a boom year, with a record number of new building permits already issued by the end of November. With mortgage rates at 30-year lows, homes and townhouses were rising rapidly. Some big commercial projects also came off blueprints and into the ground.
Perhaps the largest single project was the start-up of the $43 million Broadway Plaza in downtown ...