5 most-read stories in September

Here is a list of the top five most-read stories in the AGC SmartBrief in September:

Developer will demolish sinking Texas tower
The developer of an unfinished, 31-story luxury tower on the Texas Gulf Coast will demolish the structure because it is sinking. The tower's core has sunk up to 16 inches, according to a lawsuit filed by developer Ocean Tower LP. The developer is seeking $125 million in damages from two engineering firms. The New York Times (free registration)/The Associated Press (9/21)
Skyscraper platform collapses, workers fall down shaft
A platform inside a Hong Kong skyscraper under construction gave way, and six workers died in the accident. The workers plunged several stories down an elevator shaft inside the International Commerce Center, which will become the fourth-tallest building in the world when it is completed. Officials promised a full investigation of the incident. BBC (9/13) , Google/The Associated Press (9/13)
CEO warns of commercial real estate crisis
In the next five to seven years, $3.4 trillion in commercial real estate mortgages must be refinanced, said Tishman Construction CEO Daniel Tishman. He notes that unemployment in the construction industry is about 18.2% nationally and expects many companies to struggle to find financing. "The capacity just isn't there," he said. To solve the looming crisis, the government must initiate new programs to assist with financing. CNBC (9/21)
Many elements of WTC collapse remain in dispute
An official report by the National Institute for Standards and Technology summarizes the controversy concerning the scientific analysis of the collapse of the World Trade Center. This article by Jay Levin and Tom McKenzie discusses the technical areas in dispute, which include the impact of the planes on the steel columns, load distribution and dislodged fireproofing. Santa Barbara Independent (Calif.) (9/17)
Construction firms continue to face steep competition
The sharp decline in the price of construction materials is starting to slow, experts say. However, they note that the shortage of work has boosted competition and pushed prices down. The selling cost of construction is down 10.8% on a year-over-year basis, according to the Turner building cost index, for example. "This is the largest drop in costs for a given year that we have seen in our index since the Great Depression of the 1930s," noted Karl Almstead, the Turner vice president. "Materials prices recently have been fairly level, and labor costs are pretty flat too. It is market conditions that are driving costs down." Engineering News-Record (9/23)

This story published in AGC SmartBrief on 10/01/2009

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