BreakingNews

November 3, 2017
                   
 
Market News

Job creation jumped as expected in October, as the nation's employers added 261,000 new jobs. A rebound from the decline in September, which was owed primarily to the recovery from Hurricanes Harvey and Irma, pushed new hiring in the south and Texas. Unemployment fell to 4.1%.

In Pittsburgh, unemployment news was both good and bad. The Dept. of Labor reported that unemployment fell to 4.8% in September 2017, a steep decline from the 6.0% level a year earlier. The bad news in the data was that the drop was attributed to 24,000 workers leaving the workforce, mostly due to retirement. With 17,000 new jobs added in September, the labor force is falling behind the demand for jobs. 

Brokers walk thru Building 100 at Chapman Westport during the
Chapman Properties' open house luncheon Nov. 2. Chapman announced the
start of work on Building 110.

Project News  

Like two weeks ago, the big project news was in health care. Earlier this afternoon UPMC announced its own major capital program. The centerpiece of the $2 billion expansion will be the UPMC Heart and Transplant Hospital at Presbyterian, a 620-bed, 940,000 sq. ft. tower in the heart of Oakland, which could run $1 billion or more. UPMC also announced an expansion of the Hillman Cancer Center at UPMC Shadyside. That will be a 240,000 sq. ft. patient tower and 160,000 sq. ft. outpatient facility. The final project announced was the UPMC Vision & Rehabilitation Hospital at Mercy, a 300,000 sq. ft. new facility. These projects are in addition to the $200 million+/- UPMC South Hills facility and the expansion of Children's Hospital, neither of which has timetables announced.

Rendering of the UPMC Heart and Transplant Hospital

Coupled with AHN's announcements, the boom in healthcare construction means that there will likely be at least 4 hospital projects - and as many as 6 - over $150-200 million under construction in 2019. For a more detailed explanation of how these projects - along with the new airport terminal, Shell Franklin and ALCOSAN's billion-dollar jobs - will impact the market, check out the November/December  BreakingGround online next week.

In other project news AHN took proposals from Graziano, Jendoco, Landau, Rycon, and Turner on the $20 million cancer center at Forbes Regional Hospital. Turner Construction was awarded the $9-10 million rail buildings package at the Shell Franklin project in Monaca.

To keep up to date with the market check out  BuildingPittsburgh .  
Looking to see what's happening?

If you're planning an event for the construction or commercial real estate industries, check out the Industry Events Calendar at the Tall Timber Group website. (www.talltimbergroup.com

Double-check what else is going on in the industry on the dates you have in mind. Or check out what events you might want to attend. Interested in posting events? Email us for instructions.  
People News


Rycon is excited to welcome Matt Webber as director of business development. Matt has over 23 years' industry experience, holds an architecture degree from Penn State, and managed the construction of more than half a billion dollars to date. Throughout his 14-year tenure at his previous company, Matt lead a national project management team with an annual capital investment portfolio beyond $120 million. 

Burns Scalo Brokerage is pleased to announce its recent hire of Shannon McGuire to their brokerage team as a new leasing specialist. Shannon will be leasing Burns Scalo's Abele and Bursca Business Parks located in Bridgeville/South Fayette.
Coming Events

CREW Pittsburgh Wine Tasting, November 9
CREW Pittsburgh's annual wine tasting wil be held at the Embassy Suites by Hilton, 525 Smithfield St. 25th Floor on Thursday, Nov. 9 from 5:30 to 9:00 PM.  Click to learn more or to register..
CREW logo

Pennsylvania Builders Exchange Cocktail Party, November 10
PBX is holding its annual cocktail party on Friday, November 10 from 6:00 to 9:00PM at the Rivers Casino.  Click to download the invitation/registration.

Allegheny County's Next Boom Town, November 14
Burns & Scalo Real Estate is hosting a breakfast panel on the impact of the Southern Beltway on South Fayette Twp. at the Beacon 1 in Abele Business Park. Panelists include Co. Exec Rich Fitzgerald, Airport CEO Christina Cassotis, Paul Griffith, Rep Ortitay, Gwen Rodi & Jim Scalo.  Click to learn more or buy tickets.

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Tall Timber Group is the publisher of BreakingGround and DEVELOPINGPittsburgh magazines and the Pittsburgh Homebuilding Report, and is a consultant for contractors and designers serving the construction and real estate market. For more information about our services, contact Jeff Burd or call:


Tall Timber Group
506B McKnight Park Dr.
Pittsburgh, Pennsylvania 15237
412-366-1857

www.talltimbergroup.com

 


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