The Nonresidential Construction Index from FMI rose two points in Q1. This normally is a positive economic sign. However, construction companies are facing the challenge of having enough people to keep up with increasing backlogs, warns Phil Warner, researcher for FMI.
The engineering and construction executives that comprise the NRCI panel are strongly optimistic about both the economy and their businesses. The diffusion indexes for the overall economy and the geographic economies where individual panelists do business rose more than six points, reaching 78.
The report discusses owners’ views on expectations for 2015 construction put in place, top business challenges for 2015, and employment trends. Lack of a skilled workforce was among the top concerns. Other comments express some political angst.
One panelist expressed, “Need a federal highway bill!” While another panelist said, “Another challenge is the increasing regulatory burdens placed on our clients and in turn our business. Some projects are taking almost two years to clear local planning hurdles. By the time the project is approved, budgets are obsolete, and the project may not be feasible.”
Related Stories
K-12 Schools | Sep 5, 2023
CHPS launches program to develop best practices for K-12 school modernizations
The non-profit Collaborative for High Performance Schools (CHPS) recently launched an effort to develop industry-backed best practices for school modernization projects. The Minor Renovations Program aims to fill a void of guiding criteria for school districts to use to ensure improvements meet a high-performance threshold.
Market Data | Sep 5, 2023
Nonresidential construction spending increased 0.1% in July 2023
National nonresidential construction spending grew 0.1% in July, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.08 trillion and is up 16.5% year over year.
Sports and Recreational Facilities | Sep 1, 2023
New Tennessee Titans stadium conceived to maximize types of events that can be hosted
The new Tennessee Titans stadium was conceived to maximize the number and type of events that the facility can host. In addition to serving as the home of the NFL’s Titans, the facility will be a venue for numerous other sporting, entertainment, and civic events. The 1.7-million sf, 60,000-seat, fully enclosed stadium will be built on the east side of the current stadium campus.
Office Buildings | Aug 31, 2023
About 11% of U.S. office buildings could be suitable for green office-to-residential conversions
A National Bureau of Economic Research working paper from researchers at New York University and Columbia Business School indicates that about 11% of U.S. office buildings may be suitable for conversion to green multifamily properties.
Adaptive Reuse | Aug 31, 2023
New York City creates team to accelerate office-to-residential conversions
New York City has a new Office Conversion Accelerator Team that provides a single point of contact within city government to help speed adaptive reuse projects. Projects that create 50 or more housing units from office buildings are eligible for this new program.
Codes and Standards | Aug 31, 2023
Community-led effort aims to prevent flooding in Chicago metro region
RainReady Calumet Corridor project favors solutions that use natural and low-impact projects such as rain gardens, bioswales, natural detention basins, green alleys, and permeable pavers, to reduce the risk of damaging floods.
Giants 400 | Aug 30, 2023
Top 75 Engineering Firms for 2023
Kimley-Horn, WSP, Tetra Tech, Langan, and IMEG head the rankings of the nation's largest engineering firms for nonresidential buildings and multifamily buildings work, as reported in Building Design+Construction's 2023 Giants 400 Report.
Building Team | Aug 28, 2023
Navigating challenges in construction administration
Vessel Architecture's Rebekah Schranck, AIA, shares how the demanding task of construction administration can be challenging, but crucial.
Laboratories | Aug 24, 2023
Net-zero carbon science center breaks ground in Canada
Designed by Diamond Schmitt, the new Atlantic Science Enterprise Centre (ASEC) will provide federal scientists and partners with state-of-the-art space and equipment to collaborate on research opportunities.
Multifamily Housing | Aug 23, 2023
Constructing multifamily housing buildings to Passive House standards can be done at cost parity
All-electric multi-family Passive House projects can be built at the same cost or close to the same cost as conventionally designed buildings, according to a report by the Passive House Network. The report included a survey of 45 multi-family Passive House buildings in New York and Massachusetts in recent years.
