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| AGC SmartBrief |
| December 12, 2008 |
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Industry trends in the downturn: A snapshot
In times of great uncertainty, an understanding of long-term industry trends can help executives plot robust strategies. This roundup highlights structural issues likely to influence the future performance of four industries: steel, technology, chemicals and consumer goods. The McKinsey Quarterly (free registration for SmartBrief readers) (12/2008)
Comments by Illinois governor taint construction project
Illinois Gov. Rod Blagojevich told a campaign fund raiser that he expected contractors working on a $1.8 billion tollway construction program to contribute $500,000 to his campaign fund, according to a federal investigation. In a recorded conversation, Blagojevich said, "I could have made a larger announcement but wanted to see how they (road contractors) perform by the end of the year. If they don't perform, [expletive] 'em." The project includes $1.4 billion of work on two major Interstate interchanges and $400 billion to add congestion-relief "green lanes" to tollways. Chicago Tribune (12/11)
Port Authority prepares to remove ground zero ramp
The Port Authority of New York and New Jersey will start removing a ramp built at ground zero after the 2001 terrorist attacks. The 460-foot ramp was used to bring construction trucks and people from street level down to the base of the destroyed World Trade Center. The Port Authority must remove the ramp to clear the way for cranes that will build the foundation of the Sept. 11 memorial. The News & Observer (Raleigh, N.C.)/The Associated Press (12/10)
Developer says it will build North Carolina tower in phases
The unfavorable lending environment has forced developer Soleil Group to scale back its plan for a 43-story tower planned in the Raleigh, N.C., area. It now hopes to build the tower in two phases, starting with the 300-room Westin Hotel. The company would then have the option to add luxury condos atop the hotel if the market rebounds. Soleil Group hopes to start construction on the hotel by spring. The News & Observer (Raleigh, N.C.) (12/10)
Competitive bidding drives down price of sewer line
Construction of an Arkansas sewer line could cost the Northwest Arkansas Conservation Authority $5.9 million less than it expected. The authority has received a bid of $13.75 million; engineers had expected the project to cost $19.65 million. Observers say the weak economy and the lack of work for contractors drove down the price. "It shows how hungry the contractors are for pipeline jobs," said Chuck Nickle, president of USI Consulting Engineers Inc. Arkansas Democrat-Gazette (Little Rock) (free registration) (12/11)
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Report predicts construction downturn through 2010
FMI's construction outlook predicts a significant downturn in construction growth in 2009 that will continue through 2010. Construction Outlook: The Fourth Quarter 2008 Report also predicts that transportation construction is the only nonresidential segment likely to expand in 2010. On a bright note, the report found solid long-term prospects in the housing sector, noting that the population will grow by 100 million people over the next 30 years. The report does not take any infrastructure stimulus into account. Associated Construction Publications (12/11)
Yet more bad news on the jobs front
Close to 4.5 million people are receiving unemployment benefits, the highest number in 26 years. And last week, another 58,000 jobs were shed, many more than had been expected. "This number suggests that the national unemployment rate will rise to 7.0% or more in December, versus 6.7% in November," wrote analysts for Ried Thunberg ICAP. Harm Bandholz, an economist at UniCredit Markets and Investment Banking, said: "The labor market is facing its worst crisis since 1982, and it is certainly not over yet." Bloomberg (12/11) MarketWatch (12/11)
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Remaking Mesa -- and U.S. cities
If you've ever wondered what U.S. cities might look like in the future, Mesa, Ariz., wants to provide the answer. The Phoenix suburb with a population larger than Miami or Cleveland has just annexed five square miles of desert, planning to create from scratch a new city center envisioned by its entrepreneurial mayor, Scott Smith. The new Mesa will have an airport at its center, rather than at its outskirts, acknowledging the importance of transportation. Homes, businesses and industrial buildings will sit on the same street, rather than being relegated to different sections of town. The Economist (12/4)
Building meets Sensitive Compartmented Information Facility standard
Government officials recently signed a 10-year contract to lease two floors of a new $40 million, high-security, noncollapsible building in Virginia. The building is the first of several that meets standards for a Sensitive Compartmented Information Facility, a requirement for facilities that house workers with high-security clearances. The building features blastproof windows, soundproof walls and two-foot-thick steel beams. The Daily Progress (Charlottesville, Va.) (12/11)
Where should infrastructure funds be spent?
President-elect Barack Obama's stimulus plan includes up to $150 billion for public works, but Robert Puentes, a fellow with the Brookings Institution's Metropolitan Policy Project, says most of that should go toward existing water lines, bridges and roads, rather than to new projects to avoid potential problems. City mayors have identified projects that include $29 billion in transit projects and $15 billion to upgrade sewer and water systems. CNNMoney.com (12/11)
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