WASHINGTON, D.C. — Construction input prices remained unchanged in May, ending five consecutive months of price expansion, according to analysis of Bureau of Labor Statistics data released by Associated Builders and Contractors. Construction input prices expanded 3.4 percent on a year-over-year basis. Nonresidential construction input prices also remained unchanged on a monthly basis but increased by 3.1 percent on a yearly basis. Only crude petroleum prices experienced a significant month-over-month change in May, with prices falling 19.6 percent from April’s level. Natural gas prices remain significantly higher—up 66 percent—from the same time one year ago. “Since March 2016, construction input … Read more
NEW YORK, N.Y. – Following a dip in April, the Dodge Momentum Index advanced 4 percent in May to 139.1 (2000=100) from its revised April reading of 133.7. 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. In May, the commercial component of the momentum index increased 4.8 percent to an eight-and-a-half year high, which suggests that construction activity for commercial buildings will continue to rise over the next year, even with signs of decelerating … Read more
QUINCY, Mass. – In one of the largest ground-up development projects in its 40-year commercial real estate history, The Grossman Companies, Inc. has partnered with Summit Development to develop a high-end 120,000-square-foot, $68-million retail development on 19 acres at 480 Bedford Road, part of the long-time, former Readers Digest world headquarters located in Quincy, Massachusetts. The entire site consists of 114 acres. Chappaqua Crossing will be ready for its anchor tenants, Whole Foods and Life Time Fitness, each 40,000 square feet, in mid- 2018. Other tenants that have already signed leases include Pet Valu, Chase Bank, AT&T and Go Health … Read more
Skanska has signed a contract with the city of Fort Lauderdale for the Las Olas Boulevard improvements project in Florida. The contract is worth $49 million. The contract consists of the construction of an approximately 258,000-square-foot, 670-space parking facility, an amenity deck, a beachfront park with green spaces, architectural shade canopy, interactive water feature and streetscape improvements to the entire beach corridor. Construction services began in June 2017, and the project is expected to be complete in August 2019. Photo source: skanska.com.