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A college dormitory had the largest year-over-year increase in construction costs in April 2008 (+3.9% on average for 25 major centers) among four educational categories monitored by RSMeans. In second place was a laboratory (+3.5%), followed by a student union building (+3.0%) and a classroom (+2.8%). As for actual dollar-per-square-foot cost of construction, a college dormitory is most expensive. With respect to city increases, Chicago consistently recorded the greatest year-over-year percentage rise.
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Reed Construction Data (RCD) announced today that the year-to-date value of construction starts through April 2008, excluding residential contracts, totaled $83.5 billion, down 9.3% from the same period in 2007. Starts decreased 5.7% in April from a very strong March total. Allowing for seasonality, the trend has been clearly and slowly downward since last fall. RCD expects the current trend to continue for at least several more months even though rapidly rising construction inflation is boosting project costs.
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From January 2003 to September 2008, the Canadian dollar increased in value by slightly more than 50% versus the U.S. dollar. The inverse was that the U.S. dollar dropped in value by about one-third versus the Canadian dollar. Since September of last year, however, the two currencies have been joined at the hip. The have moved in tandem, and mainly downward, versus other major currencies around the world. As a result, a number of world currency adjustments have been quite interesting.
Metal roof and wall panels are not limited to industrial or commercial looking colors and profiles as discussed in a previous issue of The Means Report. Metal roofing, in particular, is available in a large variety of textures, colors and shapes. The architect, engineer or homeowner can pick from this large variety based upon requirements, aesthetics and budget.
Total employment in the U.S. economy stayed essentially flat (-20,000 jobs) in April 2008 versus the previous month, according to the latest labor force report from the Bureau of Labor Statistics, released today. However, total job losses since the beginning of this year have amounted to 260,000. April was the fourth month in a row without an increase. There is encouraging news to be derived from the latest numbers.
Construction materials costs jumped 2.1% in March from February to 6.5% above a last March. Most of the increase was due to soaring metals diesel prices. The current round of steel price increases hit the price index in March, accompanied by a jump in aluminum prices. Non-ferrous metal prices continue to rise rapidly.
Yesterday, the U.S. Federal Reserve dropped its key benchmark interest rate, the federal funds rate, by a further 25 basis points (100 basis points = 1.00%). The keynote rate now stands at only 2.00% and is down 325 basis points from its peak level (5.25%) before the liquidity crisis raised its ugly head in August last year.The federal funds rate at its new level means that pretty much all of the interest rate stimulus that can be provided by the Fed has already been put in place
Although it appears to have lost some of the momentum it had late in 2005 and early 2006, the San Antonio economy continues to exhibit solid growth in 2008.
Against the headwind of tighter credit conditions, an erosion of consumer confidence and a major drop in new residential construction, the Hartford economy continued to add jobs through the first quarter of 2008, in both goods- and service-producing industries.
In the latest monthly report, for March 2008, from the U.S. Census Bureau, the number-of-months supply of unsold new homes has shot up to 11.0. This compares with a market equilibrium figure of about 4.0. The depth of the collapse in U.S. housing markets has been stunning. At the current sales rate for new single-family housing, everyone could simply go and sit on a beach for almost a year, then start over fresh in eleven months. − except we’ve all got to try to make a living.
