A new survey of hotel owners estimated that spending would reach $5 billion this year, the most since 2008 and up from $3.75 billion last year. Many factors account for the increased spending. With occupancy this year at its highest since 2007 and rates at their highest since 2008 — owners can more easily afford upgrades. Read more here.
Earnings More Than Quadruple on New-Home Demand
Dang, we’re just overflowing with good news around here. I feel like Santa: “Lennar Corp., the third-largest U.S. homebuilder by revenue, said its quarterly profit more than quadrupled as demand for new houses climbed and a real estate recovery gained traction.” Article here.
Thousands of New Condos Planned for Coastal South Florida
Strap’em up boys. Here it comes again after five years of famine. “Developers are proposing nearly 55 new condo projects with more than 10,000 units, and counting for the coast of the tricounty South Florida region that includes Greater Downtown Miami, Fort Lauderdale and West Palm Beach.” And even more may be in the offing. See the article for detail.
By the way, this article has the most annoying pop-up I’ve seen to date.
Mile High Buildings?
It may become a reality by 2025. For a number of reasons, fear being the prime motivation, I will never, ever set foot in one. Call me a candy-a$$ if you like, but it’s not going to happen. To this day, it amazes me that people would go to work on the 88th floor of the WTC. When I was younger, I ascended to the observation deck of the Empire State Building. Probably wouldn’t do that again. Okay, I see your point. I am a candy-a$$.
Three Giant Projects Underway in SoFla
Three billion dollar plus projects are underway in south Florida. The $1 billion Port Miami tunnel tunnel is one of three major transportation projects now being built in South Florida. The other two are the $1.7 billion transit hub known as the Miami Intermodal Center just east of Miami International Airport and the $1.8 billion reconstruction of Interstate 595 in Broward. Now if we can get the private industry construction economy rolling. Read article here.
Tax Identity Theft
Although not directly related to the construction industry, I think you need to read this article. We’re seeing more and more of these cases. Please be aware that this could happen to you. The article give some great advice. Forewarned is forearmed.
Construction Fatality Rate Down in 2011
Proof that the construction industry’s continuing emphasis is work-place safety is paying dividends. Keep up the good work. “Construction workplace deaths declined 6.8% in 2011, to 721 from 774 in 2010 and the industry’s fatality rate also was down, to 8.9 per 100,000 full-time equivalent workers, from 9.8 in 2010, the Bureau of Labor Statistics has reported.”
Two Local Construction Firms Will Complete Broward Center Project
From the article: “The 18-month, $50 million project will give the theater a facelift, plus add a two-story waterfront pavilion and terraced dining area, and a three-story arts education wing that faces the Avenue of the Arts. The entire project is expected to generate about 500 construction jobs before its 2014 completion.” It’s behind a subscription firewall, but you can get the gist of the article.
General Contractors’ Davis-Bacon Responsibilities per Subcontractors
You need to be aware that this is hanging over your head if you are a GC.
Area Snapshot of Commercial Real Estate Market
Some good information here. “Florida’s commercial real estate markets are emerging from the doldrums, but don’t expect much construction until growth picks up.” I think we all know this, but it’s interesting to see the numbers.
