Nonresidential Construction Market Momentum to Continue

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WASHINGTON, D.C. – Construction spending greatly exceeded expectations in the nonresidential market in 2015, and this year should see healthy growth levels as well. There continues to be significant demand for hotels, office space, manufacturing facilities and amusement and recreation spaces. The American Institute of Architects’ semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will increase just more than eight percent in 2016, with next year’s projection being an additional 6.7 percent gain. “While rising interest rates could pose a challenge to the U.S. economy, lower energy prices, improved employment figures and … Read more

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New Construction in U.S. Expected to Grow 6.5% This Year

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ATLANTA, Ga. – Construction starts in the United States are expected to increase 6.5 percent and total more than $560 billion in the coming year, according to CMD’s latest quarterly forecast report. An overall recovering economy, including wage and employment growth, increased state and federal spending on infrastructure projects and an improved investment outlook in nonresidential construction are contributing to the forecast. The report, which combines CMD’s proprietary data with macroeconomic factors and Oxford Economics econometric expertise, shows year-end growth came in slightly below expectation. A weaker fourth quarter depressed construction activity, leading to total construction starts growth of 3.7 … Read more

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Construction Firms Add 18,000 Workers in January, Unemployment Falls to 17-Year Low

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Construction firms added 18,000 workers in January, as the industry’s unemployment rate declined to a 17-year low of 8.5 percent, according to an analysis of new government data by the Associated General Contractors of America. Association officials noted that the number of construction jobs added in January was down compared to the last three months of 2015 and could reflect either a slowdown in nonresidential construction activity or an inability of contractors to find qualified workers. “While the construction industry continues to add jobs, the January figures mark a significant decline in the rate of growth compared to the end … Read more

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USGBC, Dodge Release World Green Building Trends Report 2016

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WASHINGTON, D.C. – The U.S. Green Building Council and Dodge Data & Analytics partnered to release World Green Building Trends 2016 SmartMarket Report. The new report, conducted in nearly 70 countries, demonstrates that global green building continues to double every three years. The report also finds emerging economies like Brazil, India, Saudi Arabia and South Africa will be engines of green growth, with development varying from two-fold to six-fold over current green building levels. “International demand for green building, due in great part to the LEED green building program’s global popularity, has grown steadily over the years,” said Rick Fedrizzi, … Read more

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Liberty Center Completed On Time, On Budget

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BIRMINGHAM, Ala. – After an intense and compressed 18-month construction schedule, Hoar Construction completed the $146-million Liberty Center, a high-end mixed-use development that includes apartments, office space, retail and dining options off I-75 between Cincinnati and Dayton, Ohio. The 1.1-million-square-foot project has 600,000 square feet of retail space, including Dillards and Dicks’ Sporting Goods department stores, many specialty retailers such as Forever 21 and restaurants including Kona Grill. The development includes 100,000 square feet of Class A office space, a 130-room AC Hotel by Marriott, 220 luxury residential multifamily units and a 60,000-square-foot 14-screen movie theater featuring upscale dining. Liberty … Read more

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