Economy: Page 15

  • Rendering of the planned Penn Station redevelopment
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    Courtesy of Office of Gov. Kathy Hochul
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    ‘Impossible to build’: Vornado postpones NYC development

    Flagging demand for office space, high interest rates and unfavorable capital markets have led the REIT to rethink its Penn Station project.

    By • Feb. 24, 2023
  • A lone wheel barrow stands on an abandoned construction site.
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    wilpunt / iStock / Getty Images Plus via Getty Images
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    Construction starts plummet 27%

    The latest monthly numbers fell dramatically and were down 14% from a year ago, but market watchers say fundamentals are still strong.

    By • Feb. 22, 2023
  • Construction worker onsite
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    Courtesy of Associated Builders and Contractors
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    Material prices back on the rise

    An elevated producer price index indicates the economy remains overheated, said Anirban Basu, chief economist of Associated Builders and Contractors.

    By • Feb. 17, 2023
  • Workers wearing safety gear and hard hats use a large machine to work with cement mixtures in front of a brown, brick home.
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    Scott Olson via Getty Images
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    Residential contractors see a rebound on the horizon

    Easing mortgage rates caused builder confidence to jump for the second consecutive month, according to the National Association of Home Builders.

    By • Feb. 16, 2023
  • A man in a suit and an orange safety vest uses a tablet on a construction site. The user is in the foreground and clear, the background is blurred.
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    AzmanL via Getty Images
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    Construction technology funding holds steady at nearly $5.4B

    North America and Europe dominated the contech market last year, according to a new report by Cemex Ventures.

    By • Feb. 15, 2023
  • Construction workers onsite
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    Courtesy of Associated Builders and Contractors
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    Contractors confident in the face of falling backlog

    New work declined in January but remains one month higher than this time last year, per a new Associated Builders and Contractors report.

    By • Feb. 15, 2023
  • A view of the skyline of Milwaukee, Wisconsin.
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    Sean Pavone / iStock / Getty Images Plus via Getty Images
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    Construction prices fall in some cities: Mortenson

    Costs for projects in Milwaukee and Minneapolis shrank last quarter, while those in Phoenix were still on the rise.

    By • Feb. 13, 2023
  • Construction workers onsite
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    Courtesy of Boldt
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    Commercial construction planning falls after months of gains

    Despite a dip in the Dodge Momentum Index, levels of building activity remain comparatively strong.

    By • Feb. 9, 2023
  • Curved entrance of the front of a beige building with many glass doors.
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    The image by Nicolas Henderson is licensed under CC BY 2.0
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    AECOM profit grows on expanding backlog from city, state projects

    The Dallas-based firm said many of its government clients have flush rainy day funds ahead of expected increases in infrastructure spending over the next several years. 

    By • Feb. 8, 2023
  • U.S. President Joe Biden delivers his State of the Union address during a joint meeting of Congress in the House Chamber of the U.S. Capitol on February 07, 2023 in Washington, DC.
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    Win McNamee via Getty Images
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    Biden details ‘Buy America’ plan in State of the Union

    The president listed some of the types of materials and federally funded projects that would fall under his standard.

    By , • Feb. 8, 2023
  • The east side of the US Capitol in the early morning. Senate Chamber in the foreground.
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    drnadig via Getty Images
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    House bill aims to create lending institution for infrastructure projects

    The Federal Infrastructure Bank would be fueled by private investments.

    By • Feb. 7, 2023
  • Highway sign with the word "recession next exit" on it.
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    ZargonDesign via Getty Images
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    US business leaders anticipate rampant budget cuts

    A new study shows that companies are planning as if a recession will happen, even if there are mixed views about the economy.

    By Alexei Alexis • Feb. 6, 2023
  • A photo shows construction workers building a structure.
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    Mario Tama via Getty Images
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    Nonresidential spending falls 0.5%

    Despite strong construction starts, both private and public outlays were down for the last month of 2022.

    By • Feb. 2, 2023
  • a judges gavel rests on top of a desk
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    Joe Raedle via Getty Images
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    Florida contractor files for Chapter 11

    Supply chain disruptions, inflation and labor shortages are causing major headaches for firms with fixed-price contracts, leading some into bankruptcy, attorneys say.

    By • Feb. 1, 2023
  • New homes construction site. Framed houses. Lumber. Building. - stock photo.
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    fstop123 via Getty Images
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    ‘Recession is underway’ for home builders

    The downturn will expand to the rest of the U.S. economy this year via slowing economic output and rising job losses, the NAHB’s chief economist said Tuesday.

    By • Feb. 1, 2023
  • Iowa state capitol
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    "Iowa State Capitol, Des Moines" by Dan Brekke is licensed under CC BY 2.0
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    Several states cut corporate tax rates for 2023

    Many states are competing for businesses by reducing corporate tax rates as of Jan. 1, the Tax Foundation said.

    By Jim Tyson • Jan. 26, 2023
  • A planned Intel facility in Oregon
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    Permission granted by Intel
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    Intel cancels $700M Oregon lab project

    The tech giant planned to use the 200,000-square-foot facility to study sustainable technologies for data centers.

    By • Jan. 25, 2023
  • A tall building under construction rises to the sky.
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    CHUNYIP WONG / iStock / Getty Images Plus via Getty Images
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    2023 begins with ‘positive momentum’ for construction

    December project starts grew 27%, the first end-of-year monthly gain since 2017, according to Dodge.

    By • Jan. 25, 2023
  • Wood-framed apartment building under construction.
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    Maudib via Getty Images
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    3 reasons why labor, material and land prices may ease for multifamily developers

    The cost of building new apartments should moderate this year, experts say.

    By Leslie Shaver • Jan. 24, 2023
  • Slinger in helmet and vest controls unloading of metal structures on construction site.
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    Sergey Pakulin via Getty Images
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    2023 construction outlook roundup: Proceed with caution

    As they look to the year ahead, contractors want to know how frayed supply chains, inflation and labor shortages will affect their business.

    By Construction Dive Staff • Jan. 23, 2023
  • construction work
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    Courtesy of Associated Builders and Contractors
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    Construction input prices log biggest drop since April 2020

    December’s report marks the largest monthly decline since early in the pandemic and the smallest annual increase in nearly two years, according to ABC. But pricing pressures remain.

    By • Jan. 20, 2023
  • Walmart hires personal shoppers for the holiday 2020 season.
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    Courtesy of Walmart
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    Weak retail sales, manufacturing signal cooling economy

    The Fed’s fight against inflation, while showing some recent signs of success, may dim prospects for economic growth.

    By Jim Tyson • Jan. 19, 2023
  • construction at The Boro in Tysons, VA.
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    Courtesy of Associated Builders and Contractors
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    Deep Dive // 2023 OUTLOOK

    Recession watch: Why the next one will be different

    Executives from Skanska, DPR, Suffolk and others see unique characteristics in an economic slowdown this year.

    By • Jan. 18, 2023
  • Street view of a tall, blocky silver building with many windows.
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    The image by LittleT889 is licensed under CC BY-SA 4.0
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    Q&A

    Construction executive sees opportunity in Texas

    The executive vice president of MAPP, a Baton Rouge, Louisiana-based contractor, expects a bright future for the Sun Belt but predicts office and industrial projects will take a hit this year.

    By • Jan. 18, 2023
  • Two construction workers stand as one operates a drone. The drone is in the foreground of the picture, with the two workers who wear hardhats and safety vests.
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    Natnan Srisuwan via Getty Images
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    2023 OUTLOOK

    Contech trends to watch in the new year

    As builders adapt to economic, supply chain and labor challenges, they're turning to technology to boost performance.

    By • Jan. 11, 2023