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Construction Costs Dropping?

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Are construction costs going to fall as fewer buildings are built? Hudson Companies, which has some major Brooklyn developments predicts material costs will drop and quality of work will go up but that "prices won’t go into a free-fall." On the other hand, one contractor who had bid $1,750,000 for a job came back with a couple of weeks later with a price 10 percent lower. Trend in the making? [Brownstoner]