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 —