From the category archives: Construction Markets

Construction Markets

P3s: Where We’ve Been and Where We’re Going

With government officials’ increasing understanding of the P3 structure, the narrowing difference in financing cost thanks to federal programs, and a focus on life cycle costs and risk transfer, governments across the country are beginning to look to P3s as a way to deliver on promises of infrastructure investment. Many governments are in the process of evaluating public-private partnerships in meaningful ways, conducting rigorous analyses to determine whether a P3 is the prudent way to procure a project. 

The Hospitality Market Heats Up

  With the summer months in full swing, so is the 2017 travel season. Warm weather, long days and the kids off school mean families all over the country are in the midst of their summer adventures. Considering the current geopolitical state, economic forecasters are cautiously observing what the 2017 travel season will mean for the hospitality industry.

Mid-year economic Forecast: Momentum Meets Intrigue

If economic performance reflected consumer and business ebullience, the United States would be in the midst of a historic boom. As an example, a recent Small Business Economic Trends survey from the National Federation of Independent Business (NFIB) indicates that business confidence is at the 97th percentile, meaning business confidence is only this high 3 percent of the time. According to NFIB, “small business owners remain optimistic about the future of the economy and the direction of consumer confidence. We are encouraged by signs that optimism is translated into economic activity, such as capital investment and job creation.”

How Millennials Have Shaped the Construction Industry—for Better and for Worse

Last year marked a milestone for the country’s youngest generation of workers, commonly known as millennials: They overtook baby boomers as the largest workforce segment in America. Employers should be ecstatic that elevated rates of retirement are positioned to be offset by an influx of younger, energetic, tech-savvy workers ready to stimulate productivity. 

NAIOP Announces 2016’s Top 10 States for Commercial Development

  Office, industrial, warehouse and retail real estate development supported 6.25 million American jobs and contributed $861 billion to U.S. GDP in 2016, according to an annual study by NAIOP. The top 10 states for commercial development, beginning with the highest construction value, were New York, Texas, California, Louisiana, Florida, Georgia, Michigan, Illinois, Pennsylvania and Massachusetts. Only New York, Texas and Florida remained in the same position as 2015. 

Survey Finds Growing Appetite for P3 Projects

  In the next three years, 85 percent of public sector respondents to Husch Blackwell’s third annual Public-Private Partnership (P3) Conference Survey stated they are planning for multiple P3 projects. On the private side, 93 percent of respondents from AEC and financial firms affirmed the same.

Back in Session

After years of stagnation, construction of K-12 schools is finally ramping back up in many districts across the country. In fact, institutional construction is expected to increase 10 percent this year to $118.5 billion, according to Dodge Data and Analytics’ 2017 Dodge Construction Outlook. This number largely is driven by the education sector, which comprises more than 40 percent of the institutional market. 

Bringing Health Care to Retail Centers

With hospital stays becoming more expensive, the federal government reducing the services it will reimburse, hospitals nationwide consolidating and fewer people traveling long distances for care, the physical spaces needed to deliver health care are changing rapidly.

For the construction industry, this means builders and developers have the opportunity to repurpose former hospital structures and develop ambulatory care centers, outpatient centers and medical malls. This trend can be seen across the country, and it shows no signs of abating.

(Re)Constructing the Retail Sector

It has been a long time since the words “growth” and “retail” have been used in the same sentence in construction circles. In fact, for more than five years, commercial construction has either risen (or fallen) due to the indirect challenges of weak consumer spending, as well as changes in where, when, how and on what consumers spend their hard-earned dollars. 

Now, the numbers are showing that retail construction is enjoying a renaissance as consumers loosen the purse strings and regain confidence in the economy. And while department store closings remain the Achilles’ heel for malls, according to JLL, a financial and professional services firm that specializes in commercial real estate services and investment management, there appears to be ample demand for the new use of that space.

Trump Administration Targets 50 U.S. Infrastructure Projects Worth Over $137B

The Trump administration has compiled a preliminary list of 50 high-priority “emergency and national security” infrastructure projects valued at more than $137 billion and has solicited the nation’s governors for input. 

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