For non-residential construction (NAICS 2362), average AR days totaled 61.6, compared with 56 in 2010.
There are some projects underway, and the non-residential construction data show a bit of improvement.
Up to now, non-residential construction the building of offices and shopping malls has been booming.
But the weakness in non-residential construction spending in Europe and North America has impacted growth from Asia in the building-related businesses of the company.
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Last quarter, the company said that demand was healthy across market segments, but particularly in the non-residential construction, energy, oil and gas, and aerospace industries.
Payrolls rose in both residential and non-residential construction jobs.
The Non-Strategic Assets Portfolio segment offers commercial residential development loans, cross-border leases, consumer brokered home equity loans, retail mortgages, non-prime mortgages, and residential construction loans.
Ravenswood Bank was extremely overexposed to construction and development loans and nonfarm non-residential real estate loans, which I explained to you last week ( see FDIC Bags Five more Banks).
The company's products are used by diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction as well as other durable and non-durable goods.
Despite an uptick in residential construction starts this year, activity is still about 50% lower than a healthy (non-bubble) market requires.
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