Construction Spending Edges Higher, Gains Offset Residential Downturn

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Total construction spending edged higher for the third straight month in May, as solid increases in private nonresidential and public construction outweighed a downturn in residential projects, according to an analysis of new Census Bureau data by the Associated General Contractors of America. Association officials cautioned that the pickup in highway spending is in jeopardy of reversing sharply unless policy makers act urgently to shore up the federal Highway Trust Fund. “The May figures show that construction activity continues to expand, but with lots of variability by month and project type,” said Ken Simonson, the association’s chief economist. “These uneven … Read more

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AGC Recaps New Construction Employment Analysis

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Construction employment expanded in 218 metro areas, declined in 72 and was stagnant in 49 between May 2013 and May 2014, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials warned that job losses could spread to more metros unless policymakers in Washington quickly agree on providing new funding for the federal highway program. “Construction employment continues to rise in about two-thirds of the nation's metro areas,” said Ken Simonson, the association’s chief economist. “However, there are still many areas that have not achieved consistent growth, and very few metros … Read more

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The AIA Releases Updated Design-Build Documents

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WASHINGTON, D.C. — The American Institute of Architects   announced the release of seven updated documents in the AIA Contract Documents Design-Build family. These documents are among the most frequently used documents of the entire AIA portfolio and are preferred by the industry at large for use on commercial design-build projects. The 2014 Design-Build documents build on the core strengths of the 2004 edition documents. At the same time they enhance the early interaction between the owner and the design-builder, calling for clearly defined and mandated owner's criteria for the project and requiring submission of a preliminary design by the … Read more

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Leopardo Completes 240,000 SF Ravenswood Station Retail Center

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CHICAGO, Ill. — Leopardo Companies, Inc. has announced that construction is complete at Ravenswood Station, a 240,000-square-foot retail center anchored by Mariano’s Fresh Market, LA Fitness and Sears Auto. Located at 1800 West Lawrence, the $43-million Ravenswood Station is directly across the street from the Ravenswood Metra station, which is also in the final stages of an upgrade. The 80,000-square-foot Mariano’s, reportedly the largest in the chain, includes unique features such as a wine bar, an oyster bar, a spice bar, a smoothie bar and a BBQ bar. “Urban infill projects carry extra challenges, but there’s also an extra reward … Read more

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May Construction Retreats 5%

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NEW YORK, N.Y. — At a seasonally adjusted annual rate of $513.4 billion, new construction starts in May dropped 5 percent from the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial. The reduced pace for total construction starts reflected a moderate loss of momentum for nonresidential building and housing, while the non-building construction sector eased back slightly. The total construction decline followed two months of strengthening activity, although May's level was still above the lackluster volume registered at the outset of 2014. For the first five months of 2014, total construction starts on an unadjusted … Read more

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