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Market News
Last Friday's jobs report from the Bureau of Labor Statistics was the third major surprise in a row - the last two in the positive direction. BLS report
showed employers added 255,000 jobs in June, growth that was almost 50% higher than expected. June's job growth was revised upward to 292,000 and May's to 24,000 from 11,000. BLS also reported that 400,000 more people joined the workforce, which left the unemployment rate at 4.9%. Wages maintained the 2.6% growth rate year-over-year. Based on the July estimate, the U.S. economy added an average of 182,000 jobs per month through the first seven months of 2016 and 202,000 monthly since July 2015.
At the regional level, there has been a surprise in the uptick activity in the midstream during the past few months. In an environment that has been rife with retrenchment and capital budget cuts, capital expenditures on midstream facilities is a sign that the industry sees a corner turned, if not a recovery on the horizon.
The largest of these surprise midstream investments is the $1.5 billion being spent on the Revolution cryogenic processing plant and gathering pipelines by Energy Transfer Partners (ETP). The project includes 100 miles of pipelines, originating in Butler County and terminating at the Revolution cryo plant in Smith Township in western Washington County. The processing plant is planned to have a 400 million cubic feet per day capacity and should cost more than $550 million to construct. A contract for the earthwork for the plant has been let. EQM Gathering, part of EQT, has plans for the Mako Compressor Station in Amwell Township. Mark West is moving forward with the Imperial Land Compressor Station in Robinson Township and expansions of the Redd and Dryer stations in Robinson and Amwell respectively. Mark West is also expanding a Sunoco facility in Independence Township.
In other project news, Turner Construction was selected as construction manager for the $43 million Westmoreland County Community College expansion program. IKM chose MBM Contracting to build out its new offices. Mark Hudson Construction was the low bidder on Fox Chapel's Dorseyville Middle School, which came in a million bucks below the published budget at $6,979,310.
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| More than 100 golfers attended CREW Pittsburgh's annual outing at Bird's Foot Golf Club on August 8. |
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Pennoni announced the hiring of Brian L. Fischbach PE, LEED AP, as site design division manager for our Pittsburgh office. In this role, he will be responsible for project management, budgeting, and scheduling, in addition to leading business development initiatives for the site design group. A graduate of the Pennsylvania State University, Fischbach is a licensed engineer in Maryland, Pennsylvania, and Virginia. He is a member of the NAIOP Pittsburgh Chapter and the Keystone Chapter of the Association of Physical Plant Administrators, as well as the Green Building Alliance and the National Society of Professional Engineers
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Coming Events
ACE Mentor Golf Outing, September 15
International Reality Capture Workshop, Volterra Italy, October 10-22
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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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