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Posts Tagged ‘construct’

Non-residential Construction Starts Trend Graphs – December 2015

Tuesday, January 19th, 2016

Article source: CMDGroup

Clichés are often true and it is the case that a picture can be worth a thousand words.

Below are six graphs recording 12-month moving averages of CMD ’s non-residential construction starts.

When the value of the current month is higher than for the same month a year ago, the line will turn up; when lower, it will dip.

String a couple of similar positive or negative directional changes together over several months and one has a trend.
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Top 10 largest construction project starts in the U.S. – December 2015

Monday, January 18th, 2016

Article source: CMDGroup

The accompanying table records the 10 largest construction project starts in the U.S. in December 2015.

There are several reasons for highlighting upcoming large projects. Such jobs have often received a fair amount of media coverage. Therefore, people in the industry are on the lookout for when job-site work actually gets underway. And, as showcase projects, they highlight geographically where major construction projects are proceeding.

Also, total construction activity is comprised of many small and medium-sized projects and a limited number of large developments. But the largest projects, simply by their nature, can dramatically affect total dollar and square footage volumes. In other words, the timing and size of these projects have an exaggerated influence on market forecasts.
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A Baker’s Dozen Mid-January Economic Nuggets

Friday, January 15th, 2016

Article source: CMDGroup

In the early going of 2016, the headline story has been the heightened level of anxiety displayed by stock market investors. Versus 2015’s year-end closings, both the Dow Jones Industrials index and the S&P 500 are -6.0%; NASDAQ is -7.8%; and the Toronto Stock Exchange, -5.2%.

 

Compared with their most recent highs, the DJI is -10.7%; the S&P 500, -10.0%; NASDAQ, -11.8%; and the Toronto Stock Exchange (TSX), -20.5%. The TSX has given its passengers a particularly bumpy ride. It has fallen into ‘bear’ territory (i.e., a decline of 20% or more.)

 

The main widely-cited reason for the sell-offs has been an expectation of weaker growth in China. There are two highly-charged ways in which such a pull-back has unfortunate repercussions for the U.S. and Canadian economies. First, the value of the yuan is being lowered, to make the price of Chinese exports more competitive in world markets.

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U.S. and Canada December Jobs Reports Should Quell Some Jitters

Friday, January 8th, 2016

Article source: CMDGroup

According to the Bureau of Labor Statistics (BLS), the U.S. economy recorded its second-best month for jobs-growth last year in December, +292,000. Only October’s +307,000 was better.

 

2015 ended with a gain (+292,000) that was considerably above the monthly average for the year as a whole (+221,000). There is speculation by some analysts that December’s strong result may have been aided by weather that was unseasonably warm.

 

The final tally of the total number of jobs in America at year-end 2015 was ahead by 2.65 million compared with 2014. One big story has been the shift in the composition of those jobs. According the ‘household survey’ of employment, all of the grand-total increase came in full-time work. The total number of part-time jobs contracted slightly.

 

Earlier, after the Great Recession, concern was often expressed that while the jobs picture was improving, too often the work being offered was of the poorer quality, lower-paying and less-stable part-time variety. This dilemma appears to have self-corrected in the latest 12 months.

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U.S. Put-in-place Construction Growth to be near 9% in 2016 and 2017 (Part 2 Comprised mainly of a Table and Graphs)

Thursday, December 31st, 2015

Article source: CMDGroup

CMD is projecting that by 2017, total annual U.S. put-in-place (PIP) construction spending will rise to $1.25 trillion. That’s versus an estimated $1.06 trillion in 2015 and a forecast $1.15 trillion in 2016.

PIP numbers, both current and historical, are provided by the Census Bureau. (For an explanation of the differences between CMD’s starts statistics and PIP figures, please see Part 1 of this Economy at a Glance.)

The total will reach that $1.25 trillion level through current (i.e., not adjusted for inflation) dollar gains of +8.6% in 2016 and +8.8% in 2017, on the heels of a +10.0% year in 2015.

Residential work, which suffered a more severe pull-back in activity than the non-residential building category, during the Great Recession, will mount a slightly faster comeback (+10.5% in each of 2016 and 2017, after +11.5% in 2015).
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U.S. Put-in-place Construction Growth to be near 9% in 2016 and 2017 (Parts 1)

Wednesday, December 23rd, 2015

Article source: CMDGroup

The focus for CMD’s construction statistics, both in the U.S. and Canada, is on actual and forecast levels of starts.

There is another data set supplied by government agencies – i.e., the Census Bureau and Statistics Canada − known as the put-in-place (PIP) investment spending series.

For ‘starts’, the total value of a project is entered in the month when, according to a best estimate, ground is broken. The starts are often referred to as ‘lumpy’, since the largest projects play outsized roles.

Starts totals are built-up from the summation of all individual projects that are in the data base.

Conceptually, the PIP data set differs in that it simulates progress payments as projects proceed.

For example, while PIP numbers are actually based on owners’ and others’ estimates of capital  spending across a total universe of construction activity, a $60 billion office building beginning in July of this year will be theoretically captured (approximately) as $20 billion appearing in 2015; $30 billion in 2016; and the final $10 billion in 2017.
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State and Province Rankings by Year-to-date Engineering/Civil Starts

Monday, December 21st, 2015

Article source: CMDGroup

In the previous Economy at a Glance, there was an examination of states and provinces according to their January-to-November 2015 dollar volumes and year-to-date percentage changes of non-residential building construction starts.

The data source is CMD’s web-accessible ‘Insight’ research material.

This time, we’ll look at starts that are heavy engineering/civil in nature. Again, Canadian provinces will be mixed in with U.S. states.

Newfoundland and Labrador, Prince Edward Island, Nova Scotia and New Brunswick have been condensed into an ‘Atlantic Canada’ designation.

In the engineering construction category, however, those easternmost provinces should not be lightly dismissed.
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A Diversity of Performances among U.S. Building Product Manufacturers

Thursday, December 3rd, 2015

Article source: CMDGroup

While U.S. national output and total employment have reached their previous peak levels, from before the Great Recession, and are now exploring new higher territory, construction activity is continuing to lag.

There are numerous way to illustrate this point. Today’s Economy at a Glance will focus on just one, utilizing a consistent set of data from the Federal Reserve representing the activity levels of a variety of building product manufacturers (BPMs).

The accompanying graphs show indices of industrial production, from 2000 to the present, in eight building commodity areas. In each instance, the index base is 2012’s monthly average set equal to 100.0.

North American Industrial Classification System (a.k.a., NAICS) numbers have been included in the ‘data source’ references at the bottom of each chart.

For ‘plywood’, ‘cement’ and ‘architectural and structural metals (e.g., engineered buildings)’, the trend in activity levels since the 2008-2009 Big Dip has been clearly up, but not yet to a degree indicating full recovery.
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