FMI Reports Rising Nonresidential Construction Index Comes with Struggles

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RALEIGH, N.C. — The Nonresidential Construction Index from FMI rose two points in Q1. This normally is a positive economic sign. However, construction companies are facing the challenge of having enough people to keep up with increasing backlogs, warns Phil Warner, researcher for FMI. The engineering and construction executives that comprise the NRCI panel are strongly optimistic about both the economy and their businesses. The diffusion indexes for the overall economy and the geographic economies where individual panelists do business rose more than six points, reaching 78. The report discusses owners” views on expectations for 2015 construction put in place, […]

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Jaime Partners Breaks Ground on Historic Land at The Headquarters

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Performing a build-out on historic land has its challenges. Aside from the typical constraints that contractors have on any project, historical land comes with its own set of rules. For example, the land has to be registered as historic property with the state. With that registration, the outside of the building cannot be touched. Guidelines for the interior must be followed to the letter, with some or most of the original architecture remaining in place. This feat is being taken on by project management firm Jaime Partners. The company’s mission is to collaborate on a renovation of The Old Police […]

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High Level of Construction Activity in Urban Areas Drives Increase in Costs

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Turner Construction Company announced that the Fourth Quarter 2014 Turner Building Cost Index — which measures costs in the nonresidential building construction market in the United States — has increased to a value of 917. This reflects a 0.99 percent increase from the third quarter 2014 and a 4.45 percent increase from the fourth quarter 2013. “Growth in nonresidential construction was steady in the fourth quarter in virtually all domestic markets,” said Attilio Rivetti, the Turner vice president responsible for the cost index. He continued, “Higher construction cost escalations in urban centers with increased construction activity, as well as selective […]

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Dodge Momentum Index Falls in January

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NEW YORK, N.Y. — The Dodge Momentum Index fell 4.8 percent in January to 121.1 (2000=100), down from a revised 127.2 in December, according to Dodge Data & Analytics. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. During the final three months of 2014, the Momentum Index had jumped 11.7 percent, so while January’s 4.8 percent drop showed decreased activity relative to December, it was still in line with the moderate, if at times […]

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Construction Employment at Highest Level Since 2009, Reports AGC

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Construction employers added 39,000 jobs in January and 308,000 over the past year, reaching the highest employment total since February 2009, as the sector’s unemployment rate fell to 9.8 percent, according to an analysis by the Associated General Contractors of America. Association officials said the job gains come as most construction firms report plans to expand headcount this year, but worry about growing shortages of qualified workers. “Contractors have stayed busy this winter and expect to keep hiring through 2015—if they can find the workers they need,” said Ken Simonson, the association’s chief economist. “The list of projects is growing […]

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