The construction industry lost 13,000 jobs between January and February but continued a string of year-over-year job increases, according to an analysis of new federal employment data recently released by the Associated General Contractors of America. Association officials said that short-term factors such as weather contributed to the monthly loss even as longer-term trends are becoming a bit more positive. “Since many firms were able either to get an early start or a late finish to construction activity in December and January because of mild conditions, this month's job decline is probably more of a seasonal correction than the start
The cost of construction materials accelerated dramatically in February after moderating for several months, according to an analysis of producer price index figures recently released by the Associated General Contractors of America. As a result, construction firms will be forced to pay more for key materials even as demand for construction remains weak, association officials noted. “Prices for a wide range of construction inputs rose sharply in February, threatening to put contractors out of business and leave public projects underfunded unless materials can be ordered before prices jump further,” said Ken Simonson, the association’s chief economist. “Contractors had finally begun
The Credit Managers Index (CMI) is now sitting at 55.8, rising a full percentage point above January’s reading. The index is at its highest since April 2011, a time when most indicators were pointing to a pretty solid year. It is worth noting that last year was also affected by an oil shock at about this point and a backsliding economy in the months that followed. However, readings from this month are solid in key categories, providing some confidence about what happens from this point.“The mood of the country could best be described as cautious and perhaps a little encouraged
The U.S. Green Building Council’s next update to the LEED green-building program, LEED 2012, will include various updates to credits within the LEED Pilot Credit Library. As a flexible, interactive mechanism for testing proposed credits in the marketplace, the Pilot Credit Library gathers real-time feedback on credit usability and ability to meet a credit's intent. The Pilot Credit Library was established to facilitate the introduction of new prerequisites and credits to LEED through stakeholder engagement and collaboration on the testing and analysis of proposed requirements. This process allows USGBC to refine credits through LEED project evaluations before being introduced into
Nevada's recent population boom means congested roads across the state. Traffic nearly tripled during the last 15 years, making management of the highway system a daunting task.
After enduring several years of revenue declines, construction firms finally saw an increase in work during 2011, reflected in the $10.4-billion project value among the 25 projects ranked on ENR Southwest's Top Starts list. It was more than triple the total of 2010's top 25 starts, when only $2.9 billion of new work was generated for contractors and design firms in Arizona, Nevada and New Mexico. Related Links: See the ranking of the Top 25 Starts of 2011 in Arizona, Nevada and New Mexico The biggest single project start in 2011 was the $5-billion Intel Fab 42 Semiconductor Manufacturing Facility,
A major new residential project broke ground in downtown Phoenix. Located on a 3-acre site south of Roosevelt Street, between Third and Fourth streets, the $52-million project adds fuel to a current building boom of campus-related housing in the Southwest region. Developed by Scottsdale, Ariz.-based Concord Eastridge and Memphis, Tenn.-based EdR, the unnamed apartment complex will contain 326 units within two buildings, one seven and the other eight stories high. The ground floors will include a total of 7,500-sq-ft of retail space, to be subdivided among several tenants depending on demand.Crews with Phoenix-based general contractor Hardison/Downey Construction began working on site infrastructure
Las Vegas Paving Corp., a 54-year-old, privately owned heavy-highway contractor based in Las Vegas, is regularly ranked among the top two general contractors on ENR Southwest’s annual Top Contractors ranking, and was the 2nd ranked transportation contractor in the three-state Southwest region in 2011. Las Vegas Paving’s largest project start of the past year was the $116.8-million Route 215 Bruce Woodbury Beltway, Tenaya Way to Decatur Blvd. project, which expands an existing interim roadway to four lanes and adds full interchanges and overpasses. Photo courtesy Las Vegas Paving Lou Esposito, Las Vegas Paving risk manager Photo courtesy Las Vegas Paving
As the construction industry continues a slow recovery, federal tax credits can help make a financial difference for both construction contractors and investors. When evaluating the financial viability of a project, there are three federal tax credits worth considering. The federal Rehabilitation Credit, the Renewable Energy Investment Tax Credit and the Research and Development Credit can provide income tax savings – and improved return on investment. Federal Rehabilitation CreditConstruction companies can take advantage of the Rehabilitation Credit and the Renewable Energy Investment Tax Credit (discussed below) by participating in the ownership or tax credit equity-investing group of the entity that
The value of new construction starts dropped 2% in January to a seasonally adjusted annual rate of $402.2 billion, according to McGraw-Hill Construction, a division of The McGraw-Hill Cos. Both nonresidential building and housing settled back from December, while the nonbuilding construction sector managed to register a modest gain with the help of a rebound for new electric utility starts. On an unadjusted basis, total construction starts in January were reported at $27.0 billion, down 14% from the same month a year ago. For the 12 months ending January 2012 versus the 12 months ending January 2011, which lessens the volatility
RSS
