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Market News
The gyrations of the stock market aside, news about the national and regional economy continues to show a recovery that will be in the range of 3% growth in GDP. Unemployment continues to decline. September's new jobs brought the YTD monthly average to 227,000 jobs added.
As a counterpoint to the overall positive economic reports, data from the region's construction markets for the first 3 quarters of 2014 suggests a disconnect between the health of the economy and new construction. According to Tall Timber Group's research on non-residential contracting, the activity for the first nine months was down over 15% from 2013, with $1.92 billion in contracts vs. $2.27 billion from January to September. Housing activity was off even more. The Pittsburgh Homebuilding Report shows permits issued for a total of 3,031 units in the 6-county metro area. That's a 30.6% decline attributed mostly to less apartment construction, although the decline is more a result of the unusually high volume in 2013 rather than a slow market in 2014. With about 1,200 units of apartments in the pipeline for the next 60 days (see below for some), the year should end up higher than any year in the past decade except for 2013.
Project News
The new $42 million Montour K-4 School is out to bid due Nov. 20. Also in the K-12 market, the $38 million Forest Hills High School in Johnstown is scheduled to re-bid before the Holidays. Mosites Construction is bidding packages for the $10 million Means Alumni Gym at Sewickley Academy on Nov. 11. Details are on the PBX Plan Room.
Davis Companies selected Mascaro Construction for the renovation to the Union Trust Building. Contractors are reporting an unusual uptick in budgeting activity and trade contractors bidding on projects slotted for 2015. Check the latest BuildingPittsburgh blog post for more details.
The apartment market remains active in spite of the year-over-year decline in construction thus far in 2014. Massaro Corp. has begun the demolition work at the Oakland site of the 389-unit Ambling University Apartments. PJ Dick is finalizing details for the second of the 175-unit Bakery Living apartment buildings. Fore Properties received approvals for its 400-unit project at Settler's Ridge. And the 300-unit Mt. Washington apartments being designed by Desmone Architects and developed by Seve and Beau Beemsterboer and their partners is back in the planning and approval process.
Not feeling up to speed on the market? Go to BuildingPittsburgh.
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Chief Estimator Wanted
Local general contractor/construction manager is seeking an experienced senior level estimator for Chief Estimator position. Interested parties should reply with a cover letter outlining your experience working for a general contractor on competitive bid, negotiated GMP and conceptual estimating projects along with a resume. Reply confidentially here.
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People News
Herbert, Rowland & Grubic, Inc. (HRG) has hired Chad E. Hanley, P.E. as a Senior Project Manager in the Water & Wastewater services group in the firm's western region. Hanley brings over 16 years of municipal, water, and wastewater engineering experience to HRG. He earned his bachelor's degree in geo-environmental engineering from the Pennsylvania State University. He is a licensed professional engineer in Pennsylvania.
In response to an increase in development opportunities, Elmhurst Group has hired Todd McCaskey as Project Manager, to oversee construction on several tenant improvement projects, including work at their Cranberry Crossroads, One North Shore and Jamison Lane buildings.
Burns & Scalo Real Estate Services, Inc. welcomes Alex Goetz to its facilities management team. Alex will oversee Zenith Ridge II buildings at Southpointe.
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Coming Events
Passive House Presentation, November 5
"Passive House Beyond the House", presented by Passive House Western PA, powered by Bayer MaterialScience and Green Building Alliance. The venue is the IBEW Conference Center, Southside. The date is November 5, 2014 from 9:00 AM to 2:00 PM. Speakers will be Katrin Klingenberg, PHIUS and Timothy McDonald, Onion Flats. For more info or to register.
NAIOP Pittsburgh Night at the Fights, November 6
One of the region's premier events, Night at the Fights will be held at the Omni William Penn on Thursday, November 6. The event benefits Habitat for Humanity. Click for event information and sponsorship opportunities.
MBA-YC Changing of the Guard, November 12
The Young Constructors have assembled a panel of next generation leaders for a discussion of how Boomers, Gen X and Millennial professionals can continue progress for Pittsburgh's construction industry. See the event flyer.
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Tall Timber Group is the publisher of BreakingGround and DEVELOPINGPittsburgh magazines and the Pittsburgh Homebuilding Report, and is a consultant for contractors and designers serving the construction and real estate market. For more information about our services, contact Jeff Burd or call:
Tall Timber Group
506B McKnight Park Dr.
Pittsburgh, Pennsylvania 15237
412-366-1857
www.talltimbergroup.com
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