There's always a lot of activity in the South Atlantic region's major cities but it looks like the housing market should be a star in 2017 with 26 metropolitan areas in this region on our list of the 50 hottest housing markets in the United States.
At 4.2%, the Nashville metro had one of the lowest suburban office vacancy rates in the nation, as tallied by CBRE Research for 2Q 2016. Its 11.9% downtown office vacancy rate was slightly higher than the national average of 10.3%. Interestingly, this region had three metros amongst the nation’s hottest housing markets, when measured by building permits per 1,000 residents — Huntsville and Auburn, Ala., Nashville, and Clarksville, Tenn.
While the decline in the oil prices whacked this region’s energy industry, several multi-billion dollar oil & gas and chemical plants broke ground or hit the drawing boards in 2016 include the $3.15 Sabine Pass Liquefaction project in Cameron, La.
There’s an interesting mix of projects now in the pipeline in this region, highlighted by two billion-dollar proposals — a $1.9 billion redevelopment of the Moulin Rouge property in Las Vegas and a $1.6 billion nuclear waste storage facility for the Navy and DOE.
Lots of skyline-changing redevelopment projects on the West Coast, with more than 30 construction projects either planned or underway. Keep an eye on the plans for several gigantic projects on San Diego’s downtown waterfront — the $1.2 proposal to renovate Seaport Village and the $1.8 billion proposal for a new NFL stadium and additional convention space.
Herm Isenstein, president, DISC Corp., Orange, Conn., and the electrical market’s leading economist, has updated his forecasts for 2016-2017 on his new Flash Update, a monthly forecasting service launched earlier this year....More
Electrical industry sales were down more than 1.5% in the first quarter, and we view first quarter performance as history, not a forecast. But let’s try to put this in some context. Few if any industries can thrive against the tide of a slow-growing economy....More
The future is coming on fast in the world of electric power. We’ve talked over the past two years in these pages about the potential disruption to come from distributed energy resources (DER) or distributed generation. Over that time, some of the what-ifs have become real world transitions and new what-ifs have become a little more compelling. Recent news reports and research publications give some hints of what a future rich in distributed generation options might look like....More
The economic expansion has ignited a flame below the electrical construction market, sparking an explosion of opportunities for the nation’s Top 50 electrical contractors.
“When the market appeared to be recovered, our clients held on as long as they could,” says John Boncher, president and CEO of Cupertino Electric, Inc. (No. 7), San Jose, Calif. “Once they realized that the recovery was real, they released the hounds, and there was a building explosion.”...More
The decline in the industrial market segment over the past two quarters seems to have a cast a shadow over any optimism for the overall 2016 electrical market. And that’s a shame, because the construction market should more than pull its weight in 2016 with some steady if unspectacular growth forecast for the commercial building segment and big-time growth expected in the single-family construction market. The construction outlook for 2016 definitely has a “Tale of Two Cities” flavor to it, with a select handful of local markets like Boston, New Yor...More
Colorado’s Front Range is growing fast and Nevada’s construction industry will enjoy new data centers being built in Reno and Las Vegas, the Tesla plant near Reno, a large casino project and a 230-mile high speed rail link to Los Angeles....More
Construction cranes pierce the sky all over San Francisco and the growth of tech companies in Silicon Valley and throughout the Bay Area are supporting a healthy construction scene that’s cooled a little bit since last year but is still the envy of many other metros....More
New England is enjoying a nice recovery from the economic doldrums, and as usual it’s been led by the Boston metropolitan area, which Moody’s says has “the strongest commercial real estate market in the country since the 2008 recession.” In the past few years,the city has enjoyed a major redevelopment of its waterfront, the opening of thousands of square feet of new office and retail space and billions of dollars in construction spending....More
This region is always dominated by New York City, and in 2014 that will be a good thing. The New York Building Congress said a surge in residential building will boost total construction spending in the city 14% this year to $31.5 billion, and the Bureau of Labor Statistics says the New York area added 5,000 jobs year-to-year through August....More
Energy projects will offers sales opportunities for the electrical market in this region, with the oil/gas renaissance, utility construction and a planned new power plant in Indiana among the largest projects....More
Nashville solidified its position as a Top 25 housing market with over 8,000 total housing permits pulled through August and the 31,000 new residents it attracted from August 2012-2013. CBRE reported that Nashville’s downtown vacancy rate decreased in Q3 2014, but it still sits at a relatively high 19.1%....More
The early national forecasts for single-family residential construction in 2016 call for some impressive double-digit growth from a comparatively low level of homebuilding activity over the past few years, but many local markets won’t see anything near that type of residential growth....More