The Faithful & Gould Parity Index is designed to clarify the international cost picture, which can be distorted by gyrations in currency exchange rates. The index is based on put-in-place rates for 26 basic items used in the construction of a manufacturing facility. The parity index value in the table shows construction costs at each location relative to Chicago. A parity of £0.78 for Great Britain implies that £0.78 of construction is equivalent to $1 of work in Chicago. To calculate a relative index value, divide the parity value of the exchange rate and multiply by 100. In this study,
The Dept. of Health and Human Services has awarded $508.5 million in American Recovery and Reinvestment Act funds to build or renovate 85 community health clinics around the country. Competition was stiff for the Facility Investment Program grants, whose winners were announced on Dec. 9. HHS received about 600 applications for the funds, says David Bowman, a spokesman for HHS's Health Resources and Services Administration, which oversees the community health center program. Bowman says that the latest batch of ARRA awards involves larger awards than those contained in a round of HHS stimulus capital funding announced in June. That earlier
Democrats aren’t calling it a new economic-stimulus bill, but momentum is growing in Washington for a new measure aimed at producing more jobs, which would give the economy a lift. Proposals being floated include a new round of federal funding for highways and other infrastructure, probably in the tens of billions of dollars. If the public-works spending becomes a reality, it would provide welcome relief for the construction industry, whose unemployment rate remains the worst among major U.S. business sectors. Photo: AP Wideworld Obama. outlines a jobs-creation bill that could include more public-works funding. + Image Source: U.S. Dept. of
Large global engineering and construction firms appear to be “surprisingly positive in their outlook toward the future,” according to a new survey of executives by consulting firm KPMG International Inc., New York City. About two-thirds expect profits to hold steady or increase in 2010, and 35% say they have not had to cut any staff. But respondents were mixed on benefits of stimulus programs, and results may be skewed by the high proportion of non-U.S. respondents. Source: KMPG International Steps taken to align workforce with workload Source: KMPG International Impact of government stimulus packages over next 12 months KPMG’s survey
The value of new construction starts increased 12% in October with double-digit gains in nonresidential buildings and public works, according to McGraw-Hill Construction. Through the first 10 months of this year, total construction starts were down 29% from 2008. “After bottoming out in early 2009, there’s been an up-and-down pattern for starts, with a gradual upward trend beginning to emerge,” says Robert Murray, MHC’s chief economist. The nonresidential building market got a boost in October with construction benefitting from the $458-million expansion and renovation of the Javits Convention Center in New York City, as well as a $325-million U.S. courthouse
China will push the U.S. into second place as the world�s biggest construction market before the end of the next decade, according to a new Web-based report called Global Construction 2020. With its construction sector set to rise at an annual average of 6.3% for the next five years, the U.S. will be among the world�s top 12 fastest-growing markets, but it will lose its preeminent position, according to the report�s 10- year global projections. Photo: Oyibosonline.com Will oil weath fuel growth in Nigeria’s main city, Lagos? + Image Photo: Global Construction While CG2020’s forecasts are presented to one decimal
A new report by the World Bank says $93 billion a year is needed over the next decade to bolster infrastructure in Africa. The analysis of roads, ports, power and water utilities, information- and communication-technology networks, and airports in 24 African countries found nearly $45 billion a year currently is being spent on infrastructure in Africa. Most of that is being financed by African taxpayers and consumers. However, inefficiencies in the continent’s infrastructure systems is causing money to be wasted. The study concludes that addressing inefficiencies and waste in Africa’s infrastructure systems could yield an additional $17 billion in available
With the economic slump battering tax receipts, state budgets remain in dire shape and the pain may continue into fiscal years 2011 and 2012, according to preliminary findings from the National Governors Association and National Association of State Budget Officers. Photo: National Governors Association NGA's Scheppach says states will feel biggest impact of slump two years after recovery starts. The groups on Nov. 12 released preliminary findings from their next biannual Fiscal Survey of the States, due out soon. Scott Pattison, executive director of the budget officers' group, says that for fiscal 2009 and 2010 "We are seeing the worst
China will push the U.S. into second place as the world’s biggest construction market before the end of the next decade, according to a new forecast of the next decade called Global Construction 2020 (CG2020). Photo: Oyibosonline.com Will oil weath fuel growth in Nigeria’s main city, Lagos? + Image Photo: Global Construction With its construction sector set to rise at an annual average of 6.3% for the next five years, the U.S. will be among the world’s top 12 fastest-growing markets. But it will lose its pre-eminent position, according to the forecast. While CG2020’s predictions are presented to one decimal
The financially intimate relationship between contractors and insurers is more complicated this year, with contractors looking for relief from carriers on collateral or retained funds to cover deductibles for claims under workers’ compensation and liability policies. Photo: Richard Korman / ENR Liberty Mutual’s Conroy says there have been many conversations about credit. Those issues were among the thornier ones mentioned by carriers, brokers and contractors at the International Risk Management Institute’s construction conference held Nov. 2-5 in Oxon Hill, Md. With ample capacity for builders risk, general liability and workers’ compensation and with pricing generally soft, no one was concerned
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