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Market News
There was surprising economic news this morning when the Census Bureau annouced that household incomes had jumped 5.2% in 2015.
The annual gain is the largest such increase since the Census Bureau began releasing such data in 1967, although the median income remains 1.6% below the level of 2007.
The official poverty rate in 2015 was 13.5%, down 1.2 percentage points from 14.8% in 2014
Ahead of its annual Emerald Evening, the Green Building Alliance announced this morning that it had added a handful of significant properties and owners on the North Side/North Shore to the Pittsburgh 2030 District. That group included Faros Properties, AGH, Children's Museum and NRG. The largest 2030 District in North America, Pittsburgh now has more than 70% of the available space in its borders committed to a 50% reduction in energy, water and transportation usage by 2030.
Read more about today's announcement at GBA's webstie.
Last week's announcement that Walnut Capital had put its Mill on Second apartment project on ice is an indication that the market isn't bottomless. Worries about the apartment market may be oeverblown, however. Absorption has become a challenge for a number of nbew projects but the location has everything to do with that. Projects in East Liberty, Oakland, Lawrenceville or the Strip are reportedly remaining strong.
Mascaro Construction was awarded a contract for the renovation of five floors at Shadyside Hospital, another of the $20-$30 million hospital projects moving ahead (see BreakingNews, August 31). Rycon, Skanska and Mosties were interviewed for the $12 million Ansys building at CMU.
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Ross Schonder Sterzinger Cupcheck PC announced that their new Board of Directors will be Ronald S. Gigler, AIA, Bruce P. Pollock, AIA, LEED AP, and Eric S. Green, AIA, LEED AP. Ralph Sterzinger and Steve Cupcheck will continue to be a part of RSSC Architecture, focusing their efforts on client development.
Tim Powers joined MacLachlan Cornelius & Filoni Architects as vice president and principal. Powers will focus on MCF's healthcare practice and growth in the higher education market.
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Coming Events
NAIOP Pittsburgh Chapter Meeting, September 15
There are still seats for NAIOP Pittsburgh's meeting Thursday morning, Sept. 15 at the Omni William Penn Hotel. KDKA TV's Money and Politics Editor Jon Delano will moderate a program on Politics and Advocacy. Breakfast at 7:30. Program from 8:00 to 9:00 AM.
Reservations can be made online or by calling 412-928-8303
NAWIC Block Kids Competition, October 23
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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