I would guess the escalating cost to borrow money is also a factor. Wife works for a very large Company tied to energy and construction. They too are seeing projects being cancelled. When the project was designed and bid the Company figures on borrowing at X percent, by the time all the red tape, permits and drawing approvals get done the interest rate on money has escalated to the point the margin is reduced and the exposure for risk is elevated. The Project managers get spooked and pull the plug.