Washington is the US state with the highest pipeline value of construction projects that are in the execution stage, and this is reflected in the rapid growth the state has seen in construction activity over the past eight years, according to GlobalData, a leading data and analytics company,
GlobalData’s latest report: 'Project Insight – Construction in Key US States (2020 Update)’, which focuses on 10 key US states in terms of construction output, construction employment, overall size of the economy, population and construction project pipeline, reveals that of the top 10 largest projects in the Washington state, nine were in the execution stage as of August 2020. These include the US$17bn Hanford Tank Waste Treatment and Immobilization Plant, the US$7bn Washington Union Station Upgrade, and the US$2.3bn Spring District Mixed-Use Development.
Dariana Tani, Economist at GlobalData explains: “With the emergence of the COVID-19 pandemic this year and lockdown restrictions imposed by local authorities to slow the spread of the virus, construction activity in the Washington state, along with many other major states in the US, is expected to decelerate further in 2020.
“While record-low mortgage rates and the sizeable shift in remote work are currently boosting demand for new homes, high unemployment rates, low housing supply and the still widespread rise in new COVID-19 cases across the country, is expected to continue to undermine business and consumer confidence and keep a large segment of potential buyers on the side-lines.”
Related Stories
Coronavirus | Mar 20, 2020
Pandemic has halted or delayed projects for 28% of contractors
Coronavirus-caused slowdown contrasts with January figures showing a majority of metro areas added construction jobs; Officials note New infrastructure funding and paid family leave fixes are needed.
Market Data | Mar 17, 2020
Construction spending to grow modestly in 2020, predicts JLL’s annual outlook
But the coronavirus has made economic forecasting perilous.
Market Data | Mar 16, 2020
Grumman/Butkus Associates publishes 2019 edition of Hospital Benchmarking Survey
Report examines electricity, fossil fuel, water/sewer, and carbon footprint.
Market Data | Mar 12, 2020
New study from FMI and Autodesk finds construction organizations with the highest levels of trust perform twice as well on crucial business metrics
Higher levels of trust within organizations and across project teams correlate with increased profit margins, employee retention and repeat business that can all add up to millions of dollars of profitability annually.
Market Data | Mar 11, 2020
The global hotel construction pipeline hits record high at 2019 year-end
Projects currently under construction stand at a record 991 projects with 224,354 rooms.
Market Data | Mar 6, 2020
Construction employment increases by 43,000 in February and 223,000 over 12 months
Average hourly earnings in construction top private sector average by 9.9% as construction firms continue to boost pay and benefits in effort to attract and retain qualified hourly craft workers.
Market Data | Mar 4, 2020
Nonresidential construction spending attains all-time high in January
Private nonresidential spending rose 0.8% on a monthly basis and is up 0.5% compared to the same time last year.
Market Data | Feb 21, 2020
Construction contractor confidence remains steady
70% of contractors expect their sales to increase over the first half of 2020.
Market Data | Feb 20, 2020
U.S. multifamily market gains despite seasonal lull
The economy’s steady growth buoys prospects for continued strong performance.
Market Data | Feb 19, 2020
Architecture billings continue growth into 2020
Demand for design services increases across all building sectors.
