At a seasonally adjusted annual rate of $540.6 billion, new construction starts in August dropped 9%, according to McGraw Hill Construction, a division of McGraw Hill Financial. The decline followed July’s elevated volume, the strongest so far in 2014, and brought activity back to the average pace reported during the first seven months of this year. By major sector, nonresidential building fell sharply, after being lifted in July by the start of several large manufacturing plant projects, while nonbuilding construction (public works and electric utilities) also retreated. Residential building in August ran counter by posting a modest gain, helped by
The Colorado Symphony Orchestra says it wants to remain in Boettcher Concert Hall—after it’s renovated. In a Sept. 18 unveiling of the CSO's Boettcher proposal, Colorado Symphony CEO and board co-chair Jerome H. Kern presented a proposal for a repurposed, renovated concert hall. The plan envisions a modernized and upgraded building that allows for greater flexibility in programming and addresses critical issues of sound and structure. Photo courtesy of Colorado Symphony The CSO's initial plan to renovate Boettcher Concert Hall calls for reducing the volume of the hall, enlarging reflective surfaces near the musicians and adding flexibility in the audience-seating
Construction firms added jobs in 36 states between August 2013 and August 2014, while construction employment increased in 28 states between July and August, according to a recent analysis of Labor Department data by the Associated General Contractors of America. Association officials noted that construction activity continues to spread even as employment gains remain uneven by month and state. “The number of states with increases in construction employment over the last 12 months moderated in August but remained strongly positive as construction activity continues to spread across most of the nation,” said Ken Simonson, the association’s chief economist. “While most
All major categories of construction spending increased in July, and total construction reached the highest level since December 2008, according to a recent analysis by the Associated General Contractors of America. Association officials welcomed the robust spending figures but cautioned that growing demand will put new pressure on an already tight labor market. “It is encouraging to see signs of a broad-based recovery in private construction along with a recovery—at least for now—in public construction investment,” said Ken Simonson, the association's chief economist. “Private nonresidential construction should remain strong through the rest of 2014 and beyond, while residential spending is
The Dodge Momentum Index rose slightly in August, increasing to 118.8 (2000=100) for the month, up 0.2% from the July reading. The improvement in August is on the heels of a 5.7% decline in July, according to McGraw Hill Construction, a division of McGraw Hill Financial. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. The momentum index is now 13.9% higher than one year ago and continues to point to recovery in the sector.The
The Equipment Leasing & Finance Foundation (the Foundation) recently released the September 2014 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $827-billion equipment finance sector. Overall confidence in the equipment finance market is 60.2, an increase from the August index of 58.9. MCI-EFI survey respondent Valerie Hayes Jester, president, Brandywine Capital Associates Inc., said, “We are experiencing stronger demand than in the past several months, which bodes well for a
Construction materials prices were unchanged in August but are 1.7% higher than this time last year, according to a Sept. 16 producer price index (PPI) release by the U.S. Dept. of Labor. Inputs to nonresidential construction, which also remained unchanged in August, are 1% higher than in August of 2013. “In general, nonresidential construction remains stable, despite the recent uptick in demand for inputs in North America,” said Associated Builders and Contractors Chief Economist Anirban Basu. “There are a number of factors at work, including an unexpectedly weak European economy and a surprisingly strong U.S. dollar. While the Euro has
A new study led by the University of Colorado Boulder found that different strategies used by states to reduce power plant emissions—such as setting emissions caps and encouraging renewable energy—are both effective. The study is the first analysis of its kind. The findings are important because the success of the Environmental Protection Agency’s proposed Clean Power Plan depends on the effectiveness of state policies in reducing power plants’ carbon dioxide emissions. The plan would require each state to cut CO2 pollution from power plants by 30% from 2005 levels by the year 2030.“In addition to suggesting that the EPA’s Clean
“The AGC Alternative” is the first of its kind, nationwide private insurance exchange to serve the commercial construction industry. It began offering firms belonging to the Associated General Contractors of America quotes on insurance rates in late August. The private exchange, developed in collaboration with Willis North America, a unit of Willis Group Holdings, the global risk adviser, insurance and reinsurance broker, features comprehensive insurance coverage from Aetna, MetLife and Group Vision Service as part of its introductory suite of benefits.Stephen E. Sandherr, AGC’s chief executive officer, noted that the new private exchange was designed by Willis for AGC to
SITECH Intermountain (formerly Wheeler Construction and Mining Technology) was recently established in Utah as well as in several adjacent counties in Wyoming, Nevada and Arizona. SITECH Intermountain joins a network of SITECH dealerships—the first fully dedicated global distribution network offering a portfolio of construction technology systems available to the heavy and highway contractor. Photo courtesy of SITECH Intermountain SITECH offers a full portfolio of Trimble Grade Control Systems and Cat AccuGrade Grade Control Systems designed for the entire fleet of heavy equipment. SITECH Technology Dealers represent Trimble and Caterpillar machine control systems for contractor fleets of heavy equipment, regardless of
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