McGraw-Hill Research and Analytics
Following an improved 2013, the Richmond market holds steady as the housing sector stays strong. Non-building project starts are expected to rise in 2014, but non-residential activity is forecast to decline. Solid Gray=Total Construction Red=Residential Building Yellow=Non-Residential Building Dashed Gray=Non-Building

City Grill

 

VERMILLION
Steve Vermillion

CEO

AGC of Virginia

Vermillion says Richmond market activity remains well below pre-recession levels. Still, he points to promising recent project announcements in a variety of sectors. "It's a very mixed market right now," he says. In June, Gov. Terry McAuliffe (D) announced that China-based Shandong Tranlin Paper Co. plans to invest $2 billion in a paper and fertilizer plant in nearby Chesterfield County. In April, Wegmans announced plans to build two supermarkets in suburban Richmond. One of the stores would be the anchor for a 400,000-sq-ft development.

 

Firms in Focus

Baskervill

101 S 15th St., Ste. 200

Richmond, Va.

President: Bob Clark

Licensed Architects: 19

Founded: 1897

Rolling on The River: Two projects at Riverfront Plaza in Richmond are in design for Hines, including the renovation of the main lobbies and first-floor public spaces of two 21-story towers.

 

Total Construction Starts Richmond
Actual Actual Actual Actual Forecast
Total Construction 2010 2011 2012 2013 2014
($ Millions)$1,906$1,331$1,615$2,095$1,984
Non-residential$760$442$685$865$661
Commercial and Manufacturing$220$83$232$436$314
Stores and Shopping Centers$79$56$66$70$67
Office and Bank Buildings$14$14$7$256$44
Hotels and Motels$89$17$26
Other Commercial Buildings$38$12$159$78$102
Manufacturing Buildings$1$15$75
Institutional$540$359$453$430$347
Education Buildings$231$210$153$158$205
Health-Care Facilities$69$43$17$127$55
Other Institutional Buildings$240$106$284$145$87
Residential$621$624$685$1,001$1,017
Single Family$500$500$586$763$828
Multifamily$121$124$98$238$190
Total Non-building$525$265$245$229$306
Highways and Bridges$327$159$130$125$143
Other Public Works$55$39$36$28$61
Environmental Public Works$142$65$78$75$102
Electric Utilities$1$2$2$1



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