In case you missed them, here’s a quick look at some of the top stories in commercial construction from the past week.
Construction Backlog Bounces Back in Second Quarter of 2012
On August 14, Associated Builders and Contractors (ABC) reported its Construction Backlog Indicator (CBI) rose 4.3 percent in the second quarter of 2012. The latest CBI data suggests that non-residential construction spending and in the overall pace of construction activity will increase going forward.
Cost of Construction Materials Fall for Third Consecutive Month in July
According to figures released on August 14 by the Associated General Contractors of America, the cost of construction materials has declined for the third consecutive month. Construction materials prices declined 0.7 percent in July 2012 and have decreased year-over-year for the first time since 2009. non-residential construction material prices fell by 0.9 percent in July and 1.2 percent for the year.
U.S. non-residential Construction Spending Rebounds
Fitch Ratings’ Report revealed that spending on commercial construction projects jumped 23.1 percent to $143.2 billion through the first half of the year. Fitch projects public construction spending will remain flat through the rest of 2012 before increasing slightly next year.
Apartment Construction Faces Growing Demand
While construction of new homes slowed in July, construction on multifamily apartments was heating up. According to data from the Commerce Department, the pace of home construction is 21.5 percent higher than it was a year ago. Starts on single-family homes decreased 6.5% from June, while multifamily starts grew on both a monthly and yearly basis.
Modular Housing Plant Proposed for Bridgeton’s Port District
A green modular housing plant has been proposed by Renewable Jersey, LCC for New Jersey’s Bridgeton Port District. This facility will be the first and only modular housing plant in New Jersey. The factory will create 128 full-time jobs and will serve new construction within a 200-mile radius.
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