News & Events
September Construction Climbs 10%
McGraw-Hill Construction reported that new construction starts in September were reported at a seasonally adjusted rate of $604.1 billion, up 10% from August. A key factor in keeping the construction expansion going in 2014 has been the greater role now being played by nonresidential building. Commercial building has continued to see moderate growth from low levels, and the manufacturing building category is still showing a surge of chemical and energy-related plants reach groundbreaking. What’s different in 2014 is that the institutional structure types are now beginning to contribute to the nonresidential building upturn. Educational facilities, the largest nonresidential building category by dollar volume, climbed 34% in September. Large projects that helped to lift the educational total included a $150 million research lab in Cambridge MA, plus several sizeable high schools – two in Texas valued at $150 million and $100 million respectively, and a $130 million high school in the state of Washington. Through the first nine months of 2014, the educational facilities category increased 10% from a year ago, including a 16% gain for high schools. The public buildings category (courthouses and detention facilities) in September grew 11%, but religious buildings fell 30%. The healthcare facilities category in September plunged 44%, sliding back from a strong August, although the latest month did include the start of a $206 million hospital expansion in San Antonio TX.