It appears that the drop in construction is even beginning to be felt in the Ivy League as Brown, Harvard and Yale have announced plans to cut construction projects due to the recession.
This week Yale announced it would halt the planned construction of two residential colleges in addition to a number of other projects at the university, which the school says will save $2 billion.
Although no new projects will get started, the school has said current construction and renovation will continue, according to the Yale Daily News.
Brown also has decided to cut back and will not build new facilities for its medical education center or brain science building and will instead renovate the existing spaces, according to the Brown Daily Herald.
It is also unclear if Harvard will continue construction on its new science building because of the downturn in the economy which has many residents in the area angered, saying it is nothing more than a hole in the ground currently.
"We hope we don't have to stop the building, but we do have to slow down for now," Chris Gordon of Harvard Development told WBZ.