Nonresidential construction spending grew 0.6% on a monthly and yearly basis in November 2013, according to a Jan. 2 release by the U.S. Census Bureau. In November, spending totaled $583.436 billion on a seasonally adjusted, annualized basis. “Construction activity bounced back in November, due in part to the end of the federal government shutdown and an accompanying return to normalcy,” said Associated Builders and Contractors Chief Economist Anirban Basu. “Nonresidential construction spending was up 2.3% on a seasonally adjusted basis compared to September, which makes a better comparison because October, with the federal government shutdown, was not a normal month.“The
Look for transaction activity and even development to pick up across the board as investors seek out new opportunities in the global hospitality sector over the next 12 months according to EY’s “Global Hospitality Insights 2014,” released in mid-January. Following years of a slow and stubborn recovery and constrained capital budgets, the global hospitality sector witnessed a strong appetite for growth in 2013, a trend that is set to continue and pick up pace in 2014. “Global Hospitality Insights” follows 13 key trends expected to have major impacts on the hotel sector in 2014 and anticipates strengthening fundamentals providing a
The American Institute of Architects recently announced its “punch list” for Congress that, if completed, will ignite the construction economy by spurring much-needed improvements in energy efficiency, infrastructure and resiliency and create jobs for small businesses. “America needs to create more jobs, strengthen communities and find help for millions of young people to succeed in the new economy,” said Robert Ivy, CEO of the AIA. “So we’ve created a punch list—a term that enumerates unfinished items in a construction contract.“The AIA’s Congressional punch list will help Congress satisfy its implicit contract with the American people to spur growth and create
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
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
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