Credit problems are still prevalent
From Atlanta business journal (GA):
Credit problems rising for Georgia banks
Credit problems for banks in metro Atlanta and statewide increased for the sixth straight quarter, as the state’s banking crisis shows no signs of letting up.
» Read more: Georgia:-Credit problems rising for Georgia banks
We are not out of the woods just yet…
From Newsday.com (US):
Fewer home-building permits signal weakness ahead
Applications for home building permits, a key gauge of future construction, fell in September by the largest amount in five months — a discouraging sign for the housing industry. A rebound in housing is needed to support a broader economic recovery.
» Read more: U.S.- Fewer home-building permits signal weakness ahead
Good article on commercial real estate…
From Cleveland.com (OH):
Commercial real estate is expected to lag as economy recovers
As the economy makes the long, slow climb to recovery, the lagging commercial real estate market will tug against progress each step of the way.
» Read more: Ohio:-Commercial real estate is expected to lag as economy recovers
Great story on how one construction job loss sends ripples through a community..good read.
From RCJ.com (NV):
For Chris Doris, the last decade seemed to blur from one construction job to another. But since wrapping up his last pipe-fitting stint at the Reno-Tahoe International Airport tower nearly two months ago, Doris’ work has dried up.
» Read more: Nevada:-One man’s job loss sends ripples through the region
McGraw Hill report is saying a silver lining may be visible in 2010…Let’s see if they are right
From the Wall Street Journal (U.S.):
Construction Industry Forecast to Rebound in 2010
The nation’s construction industry, nearly paralyzed during the downturn, should see modest gains next year, as a rise in building of single-family houses, apartment buildings, and highways and bridges offsets drops in commercial and manufacturing property, according to a new McGraw-Hill report.
» Read more: U.S.:-Construction Industry Forecast to Rebound in 2010
Commercial financing may take a while to thaw…
From Pittsburgh business times (PA):
Commercial real estate financing freeze continues
After spending three years assembling the property, Guy Totino is pushing back the groundbreaking on his Chelsea project another year.
He now hopes to begin construction next summer on the $60 million development, which he expects will be Oakland’s first major new apartment building in more than three decades.
Despite getting approval for a project that has significant community support, Totino, like untold others, is struggling to get his financing lined up.
“The financial markets are still frozen,” said Totino, whose suburban Cleveland-based Polaris Real Estate Equities remains fully committed to the project. “They’re probably worse than they were a year ago, in my opinion…..
Potential materials price increase…
From Forbes:
Construction materials companies rise
Shares of companies that make construction materials and building products rose Thursday after the government reported wholesale inventories slipped more than expected in August.
More bad news…Come on people let’s try to find the silver lining in all of this..Maybe it’s found in the last paragraph of this article??
From Charleston regional business journal (SC):
Credit availability runs dry in Lowcountry, construction down in Upstate
For the second quarter of 2009, the Carolinas AGC Construction Barometer dropped by 1.1%. The barometer’s modest decline was virtually all attributable to a weakening financial market for contractors.
» Read more: Credit availability runs dry in Lowcountry, construction down in Upstate
From Reed Construction Data:
Stimulus Funding Boosts Construction Spending
The stimulus plan has played out about as expected when it was enacted nearly eight months ago. It has provided a very large boost to the economy in mid 2009 and a modest boost to construction spending. The impact of the stimulus plan has clearly been less than its sponsors claimed initially and in recent assessments but more than its detractors credit to it. Reported assessments of the stimulus plan have been muddied by three measurement problems — use of the wrong measuring stick, difficulty separating the stimulus plan from other Obama spending initiatives and failure to recognize that only about 1/3 of the stimulus plan is quick, recession fighting, fiscal pump priming.
From The Business Journal of the Greater Triad Area (NC):
Assoc. General Contractors of America says their index has slipped, but the worst is over.
The score for North Carolina’s Heartland region, which includes the Triad, also registered with a 0.9 percent dip, based on continued low demand for labor.
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