Total construction spending expected to decline despite increase in public works.
Spending in non-building sector predicted to grow nearly 80% in 2018 after previous year’s drop.
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California City Scoop: Construction Starts in San Jose
City Grill
Tim Hanifin
Vice President and General Manager
Graycor Construction Co.
The San Jose construction market continues to be active, Hanifin says. Demand for housing is driving multifamily and residential projects currently under construction, with more entitled and planned but not yet started.
Public infrastructure projects will accompany the residential activity, particularly in downtown San Jose. Strong housing activity is the engine for commercial construction activity in a variety of other product types.
Retail construction is being driven by activity in San Jose’s housing market, but mirroring a national trend, retail construction is focused on redevelopment and renovation of existing assets as opposed to new construction, Hanifin says.
“As existing office buildings are being acquired by new owners, those buildings are undergoing renovation and repositioning as office interior work remains strong,” he says.
As a result, construction labor remains in high demand as the industry sees continued opportunity in a wide range of project types in the years ahead.
