In Spain and Ireland, construction investment has increased to a level (18-20% of GDP) far above that of the US and not seen in any other OECD country except Japan before its bubble burst in 1989. In these two countries, lower housing prices are likely to be associated with a sharp and prolonged drop in domestic demand, which should be stronger even than what can be expected in the US.
&#160;&#160;&#160; 住房价格给建筑业带来的影响更为有所不同。在西班牙和爱尔兰，建筑投资增加到国民生产总值的18%到20%，这一水平远远高于美国，而且除了日本房地产泡沫破裂以前任何经合组织国家所未见。在这两个国家中，房地产价格下降有可能伴随着国内需求长期大幅度下降，甚至要超过美国预计下降的幅度。