For years, Colorado property owners, as well as banks and other lenders that had deeds of trust (mortgages) on real estate, paid off or settled with subcontractors and suppliers who claimed mechanic’s liens against the properties involved. They made those payments because they thought, or were advised, that the mechanic’s liens had priorities over the deeds of trust. That is not necessarily true. Whether a particular mechanic’s lien has priority over a deed of trust requires careful factual and legal study. If a subcontractor’s or supplier’s mechanic's lien does not have priority over the deed of trust, the subcontractor or
The Equipment Leasing and Finance Association (ELFA), which represents the $827-billion equipment finance sector, recently revealed its Top 10 Equipment Acquisition Trends for 2014. Given that U.S. businesses, nonprofits and government agencies will spend more than $1.5 trillion in capital goods or fixed business investments (including software) this year—and finance more than half of those assets—these trends affect a significant portion of the U.S. economy. Businesses will need to consider a dynamic environment of economic growth, wider credit availability and favorable interest rates in their equipment acquisition decision-making. “For a majority of U.S. businesses, equipment financing is a critical source of
The Conference Board Consumer Confidence Index, which had decreased in November, rebounded in December. The Index stands at 78.1 (1985=100), up from 72.0 in November. The Present Situation Index increased to 76.2 from 73.5. The Expectations Index increased to 79.4 from 71.1. Consumers’ appraisal of overall current conditions improved. Those claiming business conditions are “good” edged down to 19.6% from 20.4%, however, those claiming business conditions are “bad” decreased to 22.6% from 24.6%. Consumers’ appraisal of the job market was also more upbeat. Those saying jobs are “plentiful” ticked up to 12.2% from 12.0%, while those saying jobs are
The national construction unemployment rate (seasonally unadjusted) went from 8.6% in November to 11.4% in December, according to the U.S. Bureau of Labor statistics. The rate was still a year-over-year increase from 2012 when the construction unemployment rate was 13.5%. “Construction employment edged down in December (-16,000). However, in 2013, the industry added an average of 10,000 jobs per month. Employment in nonresidential specialty trade contractors declined by 13,000 in December, possibly reflecting unusually cold weather in parts of the country,” according to a news release Jan. 10 from the Bureau of Labor Statistics.In the U.S. Southwest, the recent trend
On Jan. 14, Arizona State University made official that will invest $210 million to renovate and rebuild its aging Sun Devil Stadium in Tempe. Courtesy Arizona State University Rendering of Sun Devil Stadium renovations. Courtesy Arizona State University Rendering of Arizona State University renovations. The proposed plan will completely renovate the facility while preserving Tillman Tunnel and retaining the stadium in its iconic setting between the Tempe/Hayden buttes. The football team will continue to use the stadium throughout the period of renovation which is anticipated to be complete in 2017.The demolition project has been awarded to Hunt Construction, according to
At a seasonally adjusted annual rate of $524.8 billion, new construction starts in November fell 11% from the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial. The downturn followed heightened activity in October, which showed the strongest pace for construction starts so far during 2013. Both nonresidential building and nonbuilding construction pulled back from their elevated October amounts. At the same time, residential building showed modest growth in November, continuing the steady upward trend that’s been present during most of 2013.For the first 11 months of 2013, total construction starts on an unadjusted basis came
For years, some state courts and insurance companies have been telling contractors that the construction defect claims they face aren't covered by their insurance because faulty work is not an "accident" that insurance is intended to guard against. This situation is rapidly changing, however, as more and more courts are concluding that defective construction is an "accident." This has opened the way for these claims to be covered by insurance. Related Links: Insurance Coverage for Defecive Workmanship Practical Use of Expert Witnesses in Construction Defects Cases There are four questions that must be answered to determine if a construction defect
The roadside scenery along U.S. Interstate 15 through Draper, Utah, about 20 miles south of Salt Lake City, is not unlike that in other metropolitan areas of the West—filled with signs for fast food restaurants and motels. But the owner and builder of the new Living Planet Aquarium, slated to open in December, are hoping the new facility west of the interstate among the strip malls and low-profile office parks will stand out like a fish out of water. Related Links: Natural History Museum of Utah Blends Natural Elements Into the Design Clyfford Still Museum Shines as a Concrete Jewel
Replacing the Pecos Street Bridge over Interstate 70 in central Denver this year encompassed several firsts for the project owner—the Colorado Dept. of Transportation—the project team and the industrial neighborhoods on either side of the interstate that depend heavily upon the busy interchange. Related Links: CDOT Completes Pecos Bridge Replacement in One Weekend I-15 CORE Project The project began "as just a standard bridge replacement," says Tamara Hunter-Maurer, the design and construction engineer for CDOT. The 1965 bridge had outlived its functional life and needed to go, but replacing it would be difficult because the interchange is just west of
Despite a series of recent reports that the U.S. economy finally seems to be on firm ground and trending upward, the 2014 outlook for the construction sector remains mixed and riddled with questions. Related Links: Slow, Steady Job Growth Forecast for Colorado in 2012 2013 Will Finish Strong, Simonson Says An early December report from the U.S. Labor Dept. showed that the nation's gross domestic product rose 3.6% in the third quarter, unemployment dropped to 7%—the lowest point in five years—and the country created 203,000 jobs in November. The growth in GDP was well above the 2.8% increase that had
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