BreakingNews

November 7, 2019
                   
 
Market News

There was a raft of economic data released on Nov. 1 that show the U.S. economy healthy but growing more slowly. The headline economic metric, GDP growth, came in at 1.9% higher in the third quarter. That was .1 point lower than in the second quarter and about where economists expected. Construction spending also showed slowing compared to 2018, with total U.S. construction spending down 2% from September 2018, and down 2.2% for the first nine months of the year compared to Jan-Sept 2018. The $1.294 trillion total is only 2.2% off the cyclical high from May 2018. Within the spending report, private nonresidential spending was off only 0.6% year-over-year, but commercial construction declined 15%.
 
The most upbeat economic news was the jobs report. Employers added 128,000 jobs in October, higher than was expected. More surprising were the upward revisions to the August and September job gains, which pushed the average monthly gain for the three months to 176,000. Wages edged higher, with construction wages outpacing the overall pay. Wages and salaries in the construction industry were 3.7% higher than a year earlier. The Employment Cost Index for construction showed a 3.5% increase year-over-year. Consumer spending and investment is driving the U.S. economy at this stage of the cycle.

Rising wages are pushing consumer spending. Wells Fargo Economics.




Project News  

Mascaro Construction has started work on a $3.4 million preconstruction package doing demolition and renovation to boarding bridges to prepare for the new Terminal Modernization Program at Pittsburgh International Airport. Roughly $15 million in access roadway and site work packages are set to go out to bid in December. See more details at BuildingPittsburgh.
LG Realty took revised bids from PJ Dick and Rycon for its $50 Pennley Park South.  PBX is reporting that the National Aviary has asked Jendoco, Landau & A. Martini & Co. to bid its $2.5 million Four Seasons Facility. The $50 million-plus Watermark at Meeder apartments in Cranberry Township bid this week. Fontainebleau Development agreed to buy the Kaufmann's Grand project and will do an additional $8 million in renovations. Trek Development presented it new plan for the Garden Theater redevelopment.  See who is building these projects at BuildingPittsburgh. PJ Dick is taking bids on steel, concrete and elevators for the $95 million Scaife Hall expansion. Main packages will be out to bid mid-Dec.

 
To keep up to date with the market check out  BuildingPittsburgh .  
People News

Jason Sigal announced the launch of Sigal Development Services.

DLA+ Architecture & Interior Design announced that Sam Astorino has been promoted to associate, business manager. Dana Steadman has been named associate, project manager.

Coming Events

PBX Builders Exchange Annual Cocktail Party, Rivers Casino, Nov. 8

Critical Infrastructure Workforce Academy Tech Workshop, Nov. 13
 
Think Greensburg Development Conference, November 15
 

MBA Young Constructors Friendsgiving Holiday Event, November 21
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.  
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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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