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
High-rise Construction | Jan 23, 2017
Growth spurt: A record-breaking 128 buildings of 200 meters or taller were completed in 2016
This marks the third consecutive record-breaking year for building completions over 200 meters.
Market Data | Jan 18, 2017
Fraud and risk incidents on the rise for construction, engineering, and infrastructure businesses
Seven of the 10 executives in the sector surveyed in the report said their company fell victim to fraud in the past year.
Market Data | Jan 18, 2017
Architecture Billings Index ends year on positive note
Architecture firms close 2016 with the strongest performance of the year.
Market Data | Jan 12, 2017
73% of construction firms plan to expand their payrolls in 2017
However, many firms remain worried about the availability of qualified workers.
Market Data | Jan 9, 2017
Trump market impact prompts surge in optimism for U.S. engineering firm leaders
The boost in firm leader optimism extends across almost the entire engineering marketplace.
Market Data | Jan 5, 2017
Nonresidential spending thrives in strong November spending report
Many construction firms have reported that they remain busy but have become concerned that work could dry up in certain markets in 2017 or 2018, says Anirban Basu, ABC Chief Economist.
Market Data | Dec 21, 2016
Architecture Billings Index up slightly in November
New design contracts also return to positive levels, signifying future growth in construction activity.
Market Data | Dec 21, 2016
Will housing adjust to an aging population?
New Joint Center report projects 66% increase in senior heads of households by 2035.
Market Data | Dec 13, 2016
ABC predicts modest growth for 2017 nonresidential construction sector; warns of vulnerability for contractor
“The U.S. economy continues to expand amid a weak global economy and, despite risks to the construction industry, nonresidential spending should expand 3.5 percent in 2017,” says ABC Chief Economist Anirban Basu.
Market Data | Dec 2, 2016
Nonresidential construction spending gains momentum
Nonresidential spending is now 2.6 percent higher than at the same time one year ago.
