Quarry Equipment Marketplace

MAY 2018

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May 2018 QEM – Quarry Equipment Marketplace Page 21 Page 21 QEM – Quarry Equipment Marketplace May 2018 Regards, Mark Kuhar, Editor Rock Products Magazine Mining Media International projects, led by a $600 million Google data center in Pryor, Okla., the $245 million U.S. Citizenship and Immigration Services building in Suitland-Silver Hill, Md., the $233 million office portion of the $300 million One Willoughby Square mixed-used development in Brooklyn, N.Y., and the $137 million BMO Bank office tower in Milwaukee. Store construction in March retreated 20 percent, while commercial garage construction slipped 7 percent. Warehouse construction was the one commercial structure type to report a March gain, rising 37 percent with the help of a $130 million Amazon fulfillment center in Rialto, Calif. The institutional categories as a group fell 11 percent in March. Healthcare facilities retreated 32 percent following a 50 percent hike in February, although March did include the start of three hospital projects valued each at $100 million or more – the $344 million Indiana University Health Hospital and academic building in Bloomington, Ind., the $283 million Harrison Silverdale Hospital in Silverdale, Wash., and the $142 million Mercy Oklahoma Heart Hospital in Oklahoma City, Okla. Reduced activity in March was also reported for public buildings (courthouses and detention facilities), down 12 percent; amusement-related buildings, down 29 percent; and religious buildings, down 41 percent. On the plus side, the educational facilities category increased 8 percent in March, led by two medical research facilities – the $200 million Children's Mercy research tower in Kansas City, Mo., and the $109 million Health Sciences Education Center in Minneapolis. March also saw the start of several large high school projects, including a $90 million high school in Indian Land, S.C., and an $82 million high school expansion in Kirkland, Wash. Transportation terminal construction grew 40 percent from a weak February, helped by the start of a $154 million station improvement project on the Long Island Railroad in New York. Offsetting the overall declines for commercial and institutional building in March was a 280 percent jump by the manufacturing building category, which benefitted from the start of a $1.0 billion natural gas processing facility in Pierce, Colo., a $750 million chemical processing plant in Rosemount, Minn., a $500 million cryogenic natural gas processing plant in Slovan, Pa., and a $200 million cryogenic natural gas processing plant in Arkoma, Okla. Residential Building Residential building in March was $336.2 billion (annual rate), down 2 percent from the previous month. Multifamily housing slipped 7 percent following a 6 percent gain in February and a 36 percent hike in January. The number of large multifamily projects entered as construction starts stayed high, with March seeing 13 multifamily projects valued each at $100 million or more reach groundbreaking, slightly more than the 11 such projects entered as February starts (which included the $700 million City View Tower in Queens, N.Y.) The largest multifamily projects entered as construction starts in March were the $398 million multifamily portion of the $450 million Seattle Times mixed-use development in Seattle, the $220 million multifamily portion of the $250 million Broadway Block mixed-use development in San Diego and the $217 million multifamily portion of a $258 million mixed-use development in Weehawken, N.J. In March, the top five metropolitan areas ranked by the dollar amount of multifamily starts were – New York, Seattle, Boston, Los Angeles and Miami. Metropolitan areas ranked 6 through 10 were – Washington, D.C., Austin, Texas, San Diego, Denver and Dallas-Ft. Worth, Texas. Single-family housing in March was unchanged from February, extending the steady pace that was present during the previous four months. Year-to-Date During the first three months of 2018, total construction starts on an unadjusted basis were $167.3 billion, down 7 percent from last year (which included exceptionally strong amounts for airport terminals and natural gas pipelines). On a 12-month moving total basis, total construction starts for the 12 months ending March 2018 were up 1 percent from the 12 months ending March 2017. The 7 percent decline for total construction starts on an unadjusted basis during this year's January-March period compared to the last year reflected decreased activity for two of the three main sectors. Nonresidential building fell 17 percent year-to-date, with commercial building down 16 percent and institutional building down 24 percent, while manufacturing building grew 39 percent. Nonbuilding construction fell 15 percent year-to-date, with public works down 10 percent and electric utilities/gas plants down 48 percent. Residential building grew 7 percent year-to-date, with single family housing up 4 percent and multifamily housing up 12 percent. By geography, total construction starts for the first three months of 2018 versus last year showed this performance – the South Atlantic, down 1 percent; the South Central, down 5 percent; the West, down 9 percent; the Midwest, down 10 percent; and the Northeast, down 14 percent. Useful perspective comes from looking at 12-month moving totals, in this case the 12 months ending March 2018 versus the 12 months ending March 2017. On this basis, total construction starts were up 1 percent. By major sector, residential building advanced 3 percent, with single family housing up 7 percent while multifamily housing retreated 6 percent. Nonresidential building slipped 1 percent, with institutional building down 1 percent and commercial building down 6 percent, while manufacturing building climbed 32 percent. Nonbuilding construction was also down 1 percent, with public works up 2 percent and electric utilities/gas plants down 16 percent.

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