Quarry Equipment Marketplace

FEB 2018

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Page 19 of 47

Page 20 QEM – Quarry Equipment Marketplace February 2018 February 2018 QEM – Quarry Equipment Marketplace Page 20 Q E M Q uarry Equipment M a r k e tpl a ce ¨ New Construction Starts in December Rebound 12 Percent New construction starts in December climbed 12 percent to a seasonally adjusted annual rate of $733.3 billion, bouncing back following November's 12 percent decline, according to Dodge Data & Analytics. Highway and bridge construction soared 66 percent in December December's gain for total construction reflected varied improvement by each of the three main construction sectors. • Nonbuilding construction (public works and electric utilities/gas plants) jumped 43 percent, lifted by the start of the $2.3 billion I-66 Corridor Improvements Project in northern Virginia. • Nonresidential building rose 10 percent, aided by the start of two large data center projects. • Residential building edged up 1 percent. "After weaker activity was reported in both October and November, the December rebound for total construction starts eased the extent of the decline that took place during the fourth quarter," stated Robert A. Murray, chief economist for Dodge Data & Analytics. Nonresidential Building Nonresidential building in December was $240.3 billion (annual rate), up 10 percent from the previous month. The commercial building categories as a group advanced 17 percent, as a 42 percent hike for office buildings provided much of the lift. December office starts included two large Facebook data centers – a $750 million project in Sandston Va., and a $400 million project in Prineville, Ore. In addition, a $248 million office tower as part of the Amazon Block 21 Development in Seattle reached groundbreaking. Warehouse construction in December climbed 12 percent, and included the start of a $140 million logistics park in Staten Island, N..Y, a $111 million Wal-Mart distribution center in Bentonville, Ark., and an $82 million Amazon fulfillment center in Memphis, Tenn. Hotel construction in December grew 5 percent, with support coming from the start of a $136 million JW Marriott hotel in Anaheim, Calif. However, slight declines were reported in December for commercial garages, down 1 percent; and store construction, down 2 percent. The institutional building categories as a group increased 9 percent in December. Healthcare facilities climbed 29 percent, and included three very large projects – a $300 million addition to a medical center in Fort Myers, Fla., a $150 million new hospital tower in Leesburg, Va., and a $109 million addition to a hospital in Cherry Hill, N.J. The other major institutional category, educational facilities, receded 7 percent in December following its 13 percent November gain. Large educational facilities projects that reached groundbreaking in December were led by a $135 million middle school in Sparks, Nev., a $90 million science and technology building at Virginia Polytechnic Institute in Roanoke, Va., and an $87 million business and behavior science building at Clemson University in Clemson, S.C. The smaller institutional categories showed stronger activity in December. Public buildings (courthouses and detention facilities) increased 89 percent after a weak November, helped by the start of a $196 million judicial complex in Joliet, Ill. The transportation terminal category rose 42 percent, and included the $246 million National Hall security facility project at Reagan National Airport in Washington, D.C. Modest gains in December were reported for religious buildings, up 4 percent; and amusement-related work, up 3 percent. The manufacturing plant category fell 37 percent in December, although the latest month did include the start of a $150 million chemical research facility in Newark, Del., and a $125 million LG electronics factory in Clarksville, Tenn. Residential Building Residential building in December was $308.1 billion (annual rate), up 1 percent. The single-family side of the housing market rose 1 percent, continuing to show the modest improvement that's been present during the second half of 2017 after the slight loss of momentum reported last spring. Multifamily housing in December was unchanged from its November pace. December featured groundbreaking for four large multifamily projects valued each at $100 million or more – the $224 million multifamily portion of a $380 million mixed-use building in San Francisco, a $220 million apartment building in New York, the $217 million

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