Construction Industry News

NATIONAL (Jan. 27, 2020)—Nonresidential construction spending on buildings is projected to grow by just 1.5% through 2020, and less than a 1% increase in 2021, according to a new consensus forecast from The American Institute of Architects (AIA).

Does your company offer work in New York? If it doesn't currently, you might want to consider it. There's potentially a wealth of opportunity in the next few years for infrastructure contractors, thanks to New York Governor Andrew Cuomo.

McDermott International, an energy contractor headquartered in Houston, Texas, announced in a press release this week that it is filing for a Chapter 11 bankruptcy as part of a restructuring strategy.

The plan includes the sale of its asset, Lummus Technology, to The Chatterjee Group and Rhône Group for $2.7 billion. The sale must be approved by a bankruptcy judge through an auction process, though. 

Things have been busy in Washington lately, in a surprise to no one. The good news, though, is that some of what's happened could potentially lead to lower materials prices for the construction industry—or at least the mitigation of price fluctuation.

Here's two updates you need to know:

CLEAN Future Act aims to achieve net-zero emissions by 2050.

This week, The Washington Post, The New York Times and The Wall Street Journal have a

New Buildings Institute, along with other partners, helped raise awareness about the 2021 International Energy Conservation Code (IECC) vote.

Accounting services firm Deloitte recently released its 2020 Construction and Engineering Industry Outlook, which outlined the major trends that will drive the construction industry in 2020.

Hawaii, a planning, design and consulting firm, announced the merger of their two Kama'aina firms to offer enhanced services and capabilities to their clients. The transaction closed January 1, 2020 with the two companies sharing their unified vision for client-focused culture. 

United States construction spending was up 0.6% in November 2019, according to a report released by the U.S. Census Bureau last week.

November marks the fifth consecutive month in which spending has increased, and the most recent numbers are welcome news after an increase of only 0.1% in October 2019.

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New year, new trade deal! In a potentially positive turn of events, the construction industry—and the economy as a whole—could see progress concerning the trade war between the United States and China. After reaching a compromise in early December 2019 over some tariffs on Chinese and American goods, President Trump announced last week via a tweet that he plans to sign the first phase of a trade deal with China January 15.

Chicago, Illinois (Dec. 12, 2019)—The Council on Tall Buildings and Urban Habitat (CTBUH) has released its annual report, “CTBUH Year in Review: Tall Trends of 2019,” part of the “Tall Buildings in Numbers” data analysis series. The report shows that 126 buildings of 200 meters’ height or greater were completed in 2019, including 26 “supertall” buildings of at least 300 meters’ height—a new record.

Monroe, Washington (Dec. 11, 2019)—Brokk, a manufacturer of remote-controlled demolition machines, enhances customer service and parts availability with upgrades to the parts warehouse at its headquarters in Monroe, Washington. The new facility houses an array of standard and specialty parts for all Brokk, as well as older Brokk models.

Let’s end this year on a positive note, shall we? With news from Washington, no less! Last week, federal lawmakers reached an accord concerning the United States-Mexico-Canada Agreement (USMCA).

Washington, D.C. (Dec. 11, 2019)—Investment in equipment and software is projected to expand 1.1% in 2020 while United States economic growth slows to 1.7%, according to the 2020 Equipment Leasing & Finance U.S.

San Diego, California (Dec. 10, 2019)—Three members of Gafcon Inc.’s leadership team and one of its recent projects have recently been recognized with awards for excellence. California-based Gafcon, a program, project and construction management firm, manages and directs complex projects both nationally and internationally and is headquartered in San Diego, California.

Toronto, Canada (Dec. 9, 2019)—Ware Malcomb, an international design firm, has announced the opening a second office in Canada, located at 250 University Avenue, Suite 235 in downtown Toronto, Canada. Ware Malcomb’s Vaughan office will continue to operate at 180 Bass Pro Mills Drive, #103.

New Jersey (Dec. 6, 2019)—The Dodge Momentum Index moved 2.9% higher in November to 155.3 (2000=100) from the revised October reading of 150.9.