Clouds over industrial sector won't break until '03. (Industry Data).(nonresidential...

Industrial construction spending for manufacturing plants and warehouses has plunged in the U.S. during the last year. That's no surprise, given that manufacturing sector employment has declined in every month over the past two years, and industrial production declined for 15 consecutive months through the end of 2001.

Medium- and long-term demand for new industrial space is closely correlated with industrial output, export growth, and capacity utilization rates -- all factors that have weakened dramatically during the past 18 months.

Between February 2001 a