While the top 25 construction starts of 2012 totaled just $3.7 billion—a drop from the previous year's $10.4 billion, which included Intel's $5 billion Fab 42 project that topped that year's list—industry analysts say the decline isn't an indication of weakness. On the contrary, many are seeing renewed activity in sectors that were hardest hit by the recession.
"We see the hotel and gaming market coming back to life in Las Vegas," says Judy Caruthers, regional manager for the Southwest in the Los Angeles office of Jones Lang LaSalle. Most of the projects are renovations or additions, repositioning existing properties to take advantage of higher room rates or rents, she adds.