Input Prices Up in May
Source: Associated Builders and Contractors Construction input prices rose 0.8 percent in May compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released today. Nonresidential construction input prices rose by 0.8 percent for the month as well. Of the 11 subcategories, only three experienced monthly decreases, with […]
Invest. in Structures Down; Const. Spending Stable
Source: Marcum LLP The Marcum Commercial Construction Index for the first quarter of 2020 reports an industry suffering the adverse effects of COVID-19. Construction employment fell by nearly one million jobs from March to April 2020, a decrease of 12.8 percent. The industry’s unemployment rate increased from 6.9 percent in March to 16.6 percent in April, the highest level since early 2012. The index […]
April Nonresidential Construction Spending Drops
Source: Associated Builders and Contractors National nonresidential construction spending decreased by 1.8 percent in April, 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 $801.8B for the month, a 0.9 percent increase from April 2019. Of the 16 subcategories, 13 were down on a […]
Maricopa County Building Permits Up
Source: Maricopa County Planning and Development There’s not a lot of good economic news out there these days, but data from Maricopa County Planning and Development Department shows some encouraging signs for the nation’s fastest-growing county. Building permit submissions are up substantially year-over-year, with a greater percentage of these being completed online. Planning and Development reports 1,371 permit applications were submitted in April 2020 compared to 1,141 in April […]
Multifamily Report Shows Sector’s Uncertainty
Source: ABI Multifamily ABI Multifamily has published its Q1 2020 Phoenix Multifamily Quarterly Report. And while the start of 2020 was strong, with rent growth, healthy occupancy rates, lower cost of living, and high renter demand all pointing to another extraordinary year, the future has yet to tell how the multifamily industry will be impacted by the COVID-19 global pandemic. With […]
Maricopa County Approves $3B 2021 Budget
Source: Maricopa County Maricopa County is putting hundreds of millions of dollars in federal funds to immediate use helping people impacted by the COVID-19 pandemic while also pulling back on discretionary spending unrelated to the crisis. It’s a one-two effort to best serve taxpayers during a time of national emergency. The Board of Supervisors approved a tentative $3.071B budget for fiscal year 2021. The bulk of spending is focused on core statutory responsibilities like public safety, with an increased amount dedicated […]
Tempe Planning $349M in Bond Requests
By Paulina Pineda for The Arizona Republic Tempe likely will ask voters to approve a $349M bond issue to pay for dozens of capital projects in the next five years, ranging from road improvements to park upgrades. The city weighed asking voters for about half the proposed bond amount — $174M— to help pay for projects planned in […]
Zoom Planning Phoenix-area R&D Facility
Source: Zoom Zoom has announced it will open two new research and development centers — one in the greater Phoenix area and one in Pittsburgh. Zoom will immediately begin recruiting software engineering talent in these areas. Employees will work from home until the offices are built and COVID-19-related isolation has abated, expected for fall 2020. While the company has not finalized […]
Yuma Council Mulls CIP Projects
By Mara Knaub for Yuma sun The Yuma City Council scrutinized the Capital Improvement Program plan for 2021 in a roundtable discussion. The CIP budget, at $51.4M, is more than last year, but the city expects 45 percent of the costs to be recovered through grants, reimbursements and private-public partnerships. City Engineer Jeff Kramer noted that the needs are greater than the available resources, especially during the COVID-19 pandemic. Deputy Mayor Karen Watts thanked […]
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 […]