PHILADELPHIA—The astonishing toll of overrunning costs and schedules on major engineering and construction projects worldwide is laid bare in an analysis of claims and disputes published recently by HKA.
CRUX Insight 2020 is the product of investigations into more than 1,100 projects across 88 countries by HKA, construction and engineering industry specialists in consulting, expert and advisory services.
NEW JERSEY (Nov. 6, 2020)—The Dodge Momentum Index fell 1.8% in October to 127.5 from the revised September reading of 129.8. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
NEW JERSEY (November 10, 2020)—Dodge Data & Analytics released its 2021 Dodge Construction Outlook. The report predicts that total United States construction starts will increase 4% in 2021, to $771 billion.
NATIONAL—Skanska released a ninth-month report recording results from January through September 2020. The Swedish construction firm reported a decline in third-quarter profits of 29%, a number which beat earlier analyst expectations for the quarter. The company recorded an operating profit of $174.3 million, or 1.53 billion Swedish krona.
WATSONVILLE, California-—Granite Construction Incorporated provided a business update and third quarter 2020 preliminary select financial information.
WASHINGTON (November 10, 2020)—Associated Builders and Contractors reported that its Construction Backlog Indicator rebounded to 7.7 months in October, an increase of 0.2 months from September’s reading, according to an ABC member survey conducted from October 20 to November 5. Backlog is 1.2 months lower than in October 2019.
NATIONAL (Nov. 6, 2020)—Construction employment increased by 84,000 jobs in October, with jobs added in both nonresidential and residential categories, according to an analysis by the Associated General Contractors of America of government data.
WASHINGTON (November 3, 2020)—Commercial and multifamily mortgage loan originations were 47% lower in the third quarter compared to a year ago, and increased 12% from the second quarter of 2020, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
LOS ANGELES—Tutor Perini Corporation reported results for the third quarter of 2020. Revenue was $1.4 billion, the highest revenue of any quarter in more than 10 years and up 21% compared to $1.2 billion for the third quarter of last year. The company experienced double-digit revenue growth across all segments with only an immaterial impact from the COVID-19 pandemic in the third quarter of 2020.
NATIONAL—A small increase in total construction spending in September masked a widening gap between declines in most nonresidential segments and robust gains in residential construction, according to an analysis by the Associated General Contractors of America of government data.
IRVING, Texas—Fluor Corporation announced that David E. Constable, a member of the Fluor board of directors, has been appointed chief executive officer (CEO), effective January 1, 2021.
NATIONAL (October 28, 2020)—Construction firms are experiencing widespread project deferrals and cancellations, along with disruptions to ongoing work and few new project awards, as the economic damage from the pandemic drags down industry employment in metro areas across the nation, according to a new survey and an
WASHINGTON (October 29, 2020)—The United States economy expanded at an annualized rate of 33.1% during the third quarter of 2020, helping to offset a significant share of the economic loss sustained during the second quarter, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Economic Analysis.
IRVING, Texas—Fluor Corporation has announced delayed financial results for its quarter ended March 31, 2020.
CARPINTERIA, California (October 27, 2020)—Procore Technologies Inc. announced it has acquired Esticom
NATIONAL (October 20, 2020)—Only eight states and the District of Columbia have recouped the severe pandemic-induced losses of construction jobs that occurred last spring, according to an analysis by the Associated General Contractors of America of government employment data.
Single-family starts showed continued growth in September as overall housing production increased 1.9% to a seasonally adjusted annual rate of 1.42 million units, according to a report from the United States Department of Housing and Urban Development and the U.S. Census Bureau.
San Rafael, California (October 13, 2020)—Autodesk Inc. recently announced the international expansion of BuildingConnected, a construction management solution that centralizes and streamlines the bidding process, and encompasses the Autodesk Construction Cloud builders network, a crowdsourced network of construction
Long Beach, California—Hino Trucks announced, Project Z, the company’s development path to zero emissions vehicles (ZEV), ranging from class 4 to class 8.
The ZEV products ranged from a class 5 on a SEA Electric SEA-Drive 120a on a Hino M5 chassis, up to a Hino XL Series class 8 tractor powered by Toyota’s Fuel Cell system (see Toyota/Hino joint press release for more detail).
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