The national buyer traffic index shows a four-point drop in August, according to Credit Suisse, indicating a sharp slowdown in homebuying. The slowdown stems from increasing prices and interest rates, as well as an imbalance between supply and demand.
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The Associated General Contractors of America reported that the price of construction materials increased 6.2% year over year in August, noting that it grew at almost twice the rate of new construction bids. "Price changes for construction materials in August were mixed, but contractors are likely to be hit with additional cost increases as new tariffs take hold, as well as significant labor cost escalation," Ken Simonson, the organization's chief economist, said.
Moody's Analytics is predicting that property damage and disruption caused by Hurricane Florence could total between $17 billion and $22 billion, and that could be a modest estimate. Only about 3% of the properties in the state have flood insurance through the National Flood Insurance Program, said Aon's Steve Bowen.
As US homebuilders continue to face a shortage of skilled workers amid solid demand, new tariffs on Chinese products could further strain builders financially. Of the 6,000 products in this round of tariffs, about 600 relate to construction, adding $1 billion in costs to the industry.
Construction technology options have expanded significantly in recent years, and that has increased the risk when companies choose which technology and products to integrate, Kathleen Brown writes. Many startups are not properly capitalized, warns Stacy Scopano, vice president of innovation at Skanska USA, and companies need to match business objectives to the technologies they select.
Tucked into a tree-covered area in South Knoxville, Tenn., this clifftop home features a flat roof post design. It features clean lines throughout, and floor-to-ceiling windows allow unobstructed views of the outdoors.
Property owners in Alaska can use a newly updated guide from University of Alaska at Fairbanks Cooperative Extension Service to determine the value of installing solar panels on their homes. Individual property decisions are necessary, since the cost of energy ranges widely and weather conditions can affect efficiency.
CEOs can save hours by tasking others with chairing meetings that don't require their presence, setting a clear agenda for those that do and eliminating unproductive projects, writes Chad Dickerson, former CEO of Etsy. Hire capable people, including an executive assistant who understands how to best schedule your day, he writes.
The Detroit City Council is considering an ordinance that would require each city-funded demolition and construction project to have more than half of its crew consist of Detroit residents. An executive order already requires such residency criteria for projects costing more than $3 million, but the proposed ordinance would lower the threshold.
The Philadelphia City Council scrapped plans for a 1% construction impact tax to provide $115 million in funding for affordable housing over five years. The council instead has agreed to a smaller, $71 million plan, $53 million of which would be drawn from the city's general fund.
The construction environment is fast moving and not all parties are in the same location. Cloud technology allows construction companies to keep massive amounts of information in a place that is accessible from anywhere that you can establish a wifi or cellular connection. Read more.
Shame hates to have words wrapped around it. If we talk about it, it loses its grip on us.