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Market News
Friday's jobs report suggests that the US economy continues to expand. Employers added 156,000 jobs in September. The Bureau of Labor Statistics revised the July numbers downward to 252,000 and the August numbers upward to 167,000. More important than the headline numbers is the improvements in the underlying workforce. Wages rose 2.6% year-over-year; hours worked were up again; and 444,000 people were added to the labor pool, which pushed unemployment back up to 5%. Since last September, over three million more people have joined the workforce. That's nearly triple the 1.2 million who were added through immigration, although still not enough to offset retirements.
The Census Bureau's report on construction starts showed the first strong indications that the apartment market has slowed. Year-over-year through August, spending on multi-family projects is up 13% but the number of units currently permitted exceeds those starting in August by only 5,000 units nationwide, an indication that the pipeline of projects has dried up. Locally, the apartment market still has legs; in fact, some 1,105 units of multi-family were started in September. That more than doubles the number of apartment units started year-to-date, bringing the total to 1,931. With a few hundred more in the pipeline, the Pittsburgh market will see another year of extraordinary activity in multi-family construction.
AIM Construction was selected to do the construction management for the $28.5 million Presbyterian Hospital HVI project. UPMC also awarded a contract to Massaro Corp. for the $5 million renovation to one patient floor, 5G at Presbyterian Hospital. Turner Construction was awarded a $2.3 million contract for renovations to the HVI unit at UPMC Passavant. Another renovation project, the $6.5 million Hill Building went out to bid to Massaro, Mascaro, Landau, Rycon, Gilbane, AIM, & Turner. In other hospital construction news, Wheeling Hospital is working through value engineering with Landau and Volpatt on its $20 million-plus continuing care unit. PJ Dick started construction on the first phase of a $6 million renovation to the Duquesne Club's first floor.
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| Dean Mosites, past MBA president, holds a copy of the 10th Anniversary edition at the MBA's reception for BreakingGround on Oct. 6 |
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Coming Events
Night at the Fights, October 27
NAWIC Block Kids Competition, October 23
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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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