Nonresidential fixed investment expanded 5.5% and residential fixed investment expanded 7.5% during the second quarter of 2014, according to a July 30 release by the Bureau of Economic Analysis. Overall, real gross domestic product (GDP) increased 4% (seasonally adjusted annual rate) during the second quarter of 2014 following a 2.1% decrease (revised from -2.9%) in the first quarter.“The robust second quarter growth was primarily driven by higher consumer and business spending,” said Associated Builders and Contractors Chief Economist Anirban Basu. “The 4% reading on second quarter GDP blew away consensus expectations of 3%, and the first quarter wasn’t quite as
The $56.5-million Morgridge Family Exploration Center, the latest addition to the Denver Museum of Nature & Science (DMNS), has earned LEED-Platinum certification from the U.S. Green Building Council. Photo by Rick Wicker, Denver Museum of Nature and Science The $56.5-million Morgridge Family Exploration Center is the second DMNS project to receive LEED Gold or higher. DMNS partnered with architecture firm klipp|gkkworks and general contractor GH Phipps Construction, both of Denver, on the five-story, 126,000-sq-ft addition, which opened to the public in February.“Earning LEED-Platinum certification allows the museum to continue its goal of informal education about sustainable practices,” said Elaine Harkins,
The Conference Board’s Consumer Confidence Index, which had improved in June, increased again in July. The index now stands at 90.9 (1985=100), up from 86.4 in June. The Present Situation Index increased to 88.3 from 86.3, while the Expectations Index rose to 92.7 from 86.4 in June. Consumers’ assessment of current conditions improved in July. Those claiming business conditions are “good” edged down to 22.7% from 23.4%, while those stating business conditions are “bad” was virtually unchanged at 22.7%. Consumers’ appraisal of the job market was more favorable. Those saying jobs are “plentiful” increased to 15.9% from 14.6%, while those
The commercial real estate development industry grew at the strongest pace since the economic recovery began in 2011, according to an annual report on the state of the industry recently released by the NAIOP Research Foundation. The report, titled “The Economic Impacts of Commercial Real Estate,” determined that the economic impact realized by the development process rose 24% over the previous year, the largest gain since the market began to recover in 2011. Direct expenditures for 2013 totaled $124 billion, up from $100 billion the year before, and resulted in several economic contributions to the U.S. economy:• Total contribution to
The landscape of alternative construction project delivery, such as design-build and public-private partnerships (P3s) in the freight and rail transportation industries is rapidly evolving as alternatives to the traditional design-bid-build delivery method.
Overall construction materials prices increased by 0.1% in June and are up 1.9% year over year, according to the July 16 producer price index release by the U.S. Dept. of Labor. Nonresidential construction materials prices also expanded 0.1% for the month and are 1.4% higher than one year ago. “Prices for inputs to construction industries have now risen in five of the year’s first six months,” said Associated Builders and Contractors Chief Economist Anirban Basu. “This marks a significant departure from the previous year’s remarkable stability. Recent monthly gains have been modest—0.1% in June and unchanged in May; however, the
The Colorado economy continues to outperform the U.S. economy and grow at a magnitude that slightly exceeds previous expectations, according to the midyear economic outlook recently released by the University of Colorado Boulder’s Leeds School of Business. Colorado’s employment is up by 3% year-over-year from May 2013 to May 2014. A total gain of 68,000 jobs in Colorado is expected for 2014—an upward revision to a December estimate of 61,300 jobs for the year.The midyear outlook projects growth in all of the state’s sectors except for information, which includes publishing and telecommunications.“The growth for Colorado that we are forecasting for 2014
Total construction spending edged higher for the third straight month in May, as solid increases in private nonresidential and public construction outweighed a downturn in residential projects, according to an analysis of new Census Bureau data. “The May figures show that construction activity continues to expand, but with lots of variability by month and project type,” said Ken Simonson, the association’s chief economist. “These uneven patterns seem likely to continue for the rest of the year.”Construction put in place totaled $956 billion in May, 0.1% above the upwardly revised April total and 6.6% higher than in May 2013. For the
A new and improved half-mile stretch of East 40th Avenue in Denver that reopened in late June features the Regional Transportation District’s East Rail Line tracks but also brings community improvements that RTD officials say will provide safety and better quality of life. Photo courtesy of RTD Denver's 40th Avenue looking east from High Street, before reconstruction. Photo courtesy of RTD Denver's 40th Avenue looking east from High Street after reconstruction and installation of the East Line commuter rail to DIA. The segment of East 40th Avenue between Blake and York streets was closed for 19 months due to construction.
The critical connection between a healthy building environment and patient health is often missed by the one group of professionals who may matter most—physicians—according to a new SmartMarket report by McGraw Hill Construction. The study was sponsored by the American Institute of Architects, United Technologies Corp. and other partners. “It’s becoming clear from this initial research that doctors and other health professionals must engage with architects and the design community in a major way if we are to be successful in improving public health through design,” said AIA CEO Robert Ivy. “We look forward to furthering that dialogue with physicians
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