The Regional Transportation District Board of Directors approved in late July a $140-million, two-phased contract award to Balfour Beatty Infrastructure Inc. (BBII) to design and build the Southeast Rail Extension in Denver. Design will begin this fall, with construction expected to start in spring 2016. The construction phase is dependent on the award of a Full Funding Grant Agreement from the Federal Transit Administration (FTA). BBII has committed to completing construction of the line by early 2019.“The board’s contract award is a strong symbol of how much we value the collaborative and innovative spirit of working with our regional partners,”
The Colorado Dept. of Transportation, the High Performance Transportation Enterprise (HPTE) and the Colorado Bridge Enterprise recently announced the four teams shortlisted to continue the process of qualifying to build the I-70 East Project. In response to a March release of the I-70 East Project’s Request for Qualifications, five statements of qualifications (SOQs) were submitted in June from combined teams of construction and engineering firms, operators and equity investors. The teams were evaluated on their organizational structure, experience on like projects, approach to the project and financial capacity.The four shortlisted teams are:• 5280 Connectors• Kiewit/Meridiam Partners• Front Range Mobility Group•
The Colorado State University System has secured more than $171 million in bond financing for a suite of projects that college officials say will transform the Fort Collins campus over the next few years. The bonds will fund construction of new facilities for academics, research and student services. The bond package that supports six major construction projects sold in less than four hours on Aug. 6 and delivered a combined true interest rate of 4.01%.The projects financed in the sale include:• A five-story, 152,000-sq-ft biology building.• A new 105,000-sq-ft medical center that will be built at the corner of Prospect
Paced by continued demand for projects such as new education and healthcare facilities, public safety and government buildings, the Architecture Billings Index (ABI) increased in June following fluctuations earlier this year. As a leading economic indicator of construction activity, the ABI reflects the approximate nine- to 12-month lead-time between architecture billings and construction spending. The American Institute of Architects reported the June ABI score was 55.7, up substantially from a mark of 51.9 in May. This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 63.4, up
Nonresidential construction spending was unchanged month-over-month in June but is up 11.5% on a year-over-year basis, according to a report released Aug. 3 by the U.S. Census Bureau. Nonresidential construction spending totaled $686.9 billion on a seasonally adjusted, annualized basis for the month and increased 9.8% during the year’s first half. “This release represents the largest year-over-year growth during a calendar year’s first six months since the Census Bureau began tracking construction spending in 2002 and serves as further proof of the recovery for nonresidential construction,” said Associated Builders and Contractors Chief Economist Anirban Basu.“Despite the lack of growth on
The job market in the Southwest is looking much better than it did a year ago, with Arizona, New Mexico and Nevada all showing employment growth year-over-year when comparing June 2015 to June 2014 according to numbers provided by the U.S. Bureau of Labor Statistics.
The Conference Board Consumer Confidence Index, which had improved in June, declined in July. The index now stands at 90.9 (1985=100), down from 99.8 in June. The Present Situation Index decreased moderately from 110.3 last month to 107.4 in July while the Expectations Index declined sharply to 79.9 from 92.8 in June. Consumers’ assessment of current conditions was somewhat less favorable in July. Those saying business conditions are “good” decreased from 26.1% to 24.2%. However, those claiming business conditions are “bad” was virtually unchanged at 17.9%. Consumers were slightly less positive about the job market. Those stating jobs are “plentiful”
New construction starts in June dropped 15% from the previous month to a seasonally adjusted annual rate of $620.2 billion, according to Dodge Data & Analytics. The decline followed an especially strong May, which benefitted from a $9.0-billion liquefied natural gas (LNG) export terminal in Texas being entered as a May start. By major sector, nonbuilding construction in June fell sharply as the result of a steep pullback by its electric utility and gas plant category while nonresidential building witnessed a less severe loss of momentum. Residential building in June was able to post a slight gain, helped by continued
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