ADOT Predicts Drop in Hwy Project Revenue
By Tasha Anderson for AZBEX The estimated financial impacts of COVID-19 on the State Transportation Improvement Program over the next five years may be as much as $540.4M, according to Kristine Ward, Chief Financial Officer for the Arizona Department of Transportation. Ward presented the current revenue reports for the Highway User Revenue Fund (HURF) and Regional Area Road Fund (RARF), as well as the estimated […]
Colliers’ Phoenix Q1 Multifamily Review
By Thomas Brophy for Colliers International While nearly every aspect of life has changed since March 1st of this year, it is necessary to take stock of where the market was prior to the COVID-19 shock knowing that all previous data sets relied upon have changed. As Elliott Pollack so eloquently stated in his ‘The Monday Morning Quarterback,’ 4/6/2020 post: “You shouldn’t be […]
COVID-19 News Round-up for May 5
Policy & Stimulus News Updated PPP, Grant Program Under Way While the Small Business Administration is kicking off its second round of funding in the Paycheck Protection Program, small businesses also have another funding outlet that doesn’t need to be paid back. The Economic Injury Disaster Loans program, for small businesses with fewer than 500 employees, also received additional funding as part of the CARES Act. The additional EIDL funding is […]
Billings Index Sees Record Drop in March
Source: American Institute of Architects Reflecting the deteriorating conditions in the overall economy, demand for design services from architecture firms recorded a record fall, according to a new report from The American Institute of Architects. AIA’s Architecture Billings Index score of 33.3 for March reflects a decrease in design services provided by U.S. architecture firms (any score below 50 […]
ABC: Nonresidential Construction Spending Dips
Source: Associated Builders and Contractors National nonresidential construction spending fell 0.1 percent in March and is up 2.0 percent compared to the same time last year, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, spending totaled $802.6B for the month. Among 16 nonresidential subcategories, 12 […]
Preparing for Eventual Construction Downturn
By Rebekah Morris for AZBEX Business as usual will not last long. As Arizona construction projects continue for the most part, a near total economic shutdown is happening all around us. The abrupt economic shock is resulting in dramatic increases in unemployment and simultaneous record-setting federal government stimulus spending. At some point, economic contraction translates into less demand for construction. […]
COVID-19 News Round-up for May 1
Policy & Stimulus News Ducey Extends Stay at Home Order On April 29th, Governor Doug Ducey extended Arizona’s “Stay Home, Stay Healthy, Stay Connected” order through May 15th, with a number of modifications. (Source: Valley Partnership) Governor’s Office Issues Extension Guidance Governor Doug Ducey’s office has issued guidelines and explanations to help residents and businesses better understand changes to the extended stay at […]
Virus Delays Yuma Fairgrounds Relocation Plans
By Bennito L. Kelty for Yuma Sun COVID-19 has delayed activity on the relocation plans for the Yuma County Fairgrounds, officials said. Some funding to begin the process of moving the fairgrounds away from the Marine Corps Air Station – Yuma appeared to be close to being delivered to Yuma County, and the process was expected to begin in July, until the […]
Transforming Schools into Temp. Hospital Centers
By Bob Erickson and Eric Thomson for Corgan Already pressed for capacity, COVID-19 has ushered in an unprecedented demand on our healthcare spaces — spotlighting our dependency on these delicate ecosystems and our need for sustainable, creative solutions that support this critical infrastructure. As experts in healthcare and education design, Corgan tapped its internal research and development team and engaged partners Henderson […]
COVID-19 News Round-up for April 28
Policy & Stimulus News Congress OKs New $484B Stimulus, Relief Package The House approved a nearly half-trillion-dollar emergency bill that provides more funds for struggling hospitals and will rescue a small business loan program that was quickly depleted by companies impacted by the coronavirus pandemic. The measure, which passed 388-5, will now head to President Donald Trump for his signature. (Source: AZCentral) […]