Construction industry projects are on the rise according to the 2015 Construction Industry Snapshot. Released in February, the annual tally of top construction projects across America provides a glimpse at the type and description of projects so developers and contractors can get a bigger picture of what is driving the industry. Philadelphia has up to $160 million slated for engineering/civil projects, with the state of Pennsylvania building ramps on the Betsy Ross Bridge and a DOT central office.
Coming in first under residential, institutional and commercial progress, respectively, Florida, Ohio and Michigan are also at the forefront for top U.S. construction projects, with combined engineering/civil and residential costs at approximately $990 million.
Coming in at a combined $291 million, Indiana, Illinois and Kentucky boast both residential and engineering progress with bridges, roadways and central stations advancing across the Midwest states. Add airports, and development is definitely booming. According to Construction Global, the handful of hottest projects in the country are all about increasing infrastructure in metropolitan America, starting in Chicago.
“O'Hare International Airport is getting an $8.8 billion facelift in order to better serve the 65 million passengers that fly through the airport each year,” reports the publication, adding “Dulles International Airport in Washington D.C. is getting a similar facelift and a new 20-mile transit system to the tune of $6.2 billion.” Funded through the federal government and passenger fees, the airports will be additional sources for future major construction projects.
Going from air to land, Arizona and Nevada’s Interstate 11 has large projects planned with almost 300 miles of roadway improvements. Include Interstate 41, with 175 miles between Illinois and Wisconsin, and “both of these massive projects are sure to keep civil contractors busy for years to come,” reports Construction Global.
“Other interstate proposals include routes in the Southeast, Midwest, and Northeast totaling hundreds of miles in new interstate,” reports the publication, adding, “Although these proposals haven't been set in motion yet - when they are - commercial infrastructure projects in the US will likely skyrocket.”
According to a 2014 end-of-year Forbes report, the Construction Industry Snapshot is on target, with the financial periodical reporting on the growth surrounding the recent oil boom created in the Lone Star State. Tearing up Texas streets, new creations have “sparked a surge in construction around the nation’s oil capital, Houston—residential, manufacturing, office, and even the occasional hotel—development that makes it a poster child for the construction recovery happening around the country.”
According to the financial periodical, from January to September 2014 “the greater Houston metro area welcomed groundbreakings on $25.1 billion worth of new construction projects, a 176% increase over the same period in the prior year," according to Dodge Data & Analytics.
However, the specific report does not include public works projects, rather only includes edifices including single and multi-family home, office and retail space, healthcare facilities, educational buildings, warehouses and plants. “We did not include money spent on public works projects– bridges, streets and parks – nor did we include electric utility construction,” reported Forbes, adding the data does not reflect acquisition cost.
Be it private or public, the size and money spent on construction projects around the country is on the rise.