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CIRB: State Construction for February is $5.1 Billion.
Business Editors
BURBANK, Calif.--(BUSINESS WIRE)--March 30, 2004
California's statewide construction activity in February totaled $5.1 billion, down 0.7 percent from January but up slightly, at 0.1 percent, from February 2003.
According to statistical data gathered
Business Editors
BURBANK, Calif.--(BUSINESS WIRE)--March 30, 2004
California's statewide construction activity in February totaled $5.1 billion, down 0.7 percent from January but up slightly, at 0.1 percent, from February 2003.
A $186.0 million freeway widening on Interstate 215 in Riverside County (that had already been approved and funded and waiting for award), along with a $38.8 million highway project in Imperial County, helped boost heavy construction to $562.2 million in February. In the first two months of 2004 heavy construction totals $1.007 billion, up 3.2 percent from last year.
Ben Bartolotto, Director of the Research Board, reports that without the two highway projects "public works construction would be down both from a month ago as well as February 2003." CIRB is forecasting public works construction, which includes highway-heavy and public buildings (government owned buildings) will decline by 4.1 percent in 2004. After two months in 2004, public works construction totals $2.43 billion, up 0.9 percent from February 2003.
California's private building activity, including both residential and nonresidential construction, totals $3.8 billion in February, down 3.7 percent from January and down 4.9 percent from February 2003. The bulk of the February decline is due to a sharp drop in multi-family housing. CIRB analysts say "that drop is an aberration that results in an unusual spike in multi-family units in February 2003."
In the first two months of 2004 total building activity totals $7.8 billion, down 2.0 percent. CIRB forecasts show modest increases in both residential and private nonresidential building in 2004.
Analysts are also watching new office building construction which has been one of the weakest areas since 2000 in the private nonresidential building sector. After two months of 2004, new office building is up $49.3 million (32.2 percent). CIRB forecasts nonresidential building to increase by 2.3 percent in 2004. This anticipated increase follows three years of substantial decline in that sector.
A $186.0 million freeway widening on Interstate 215 in Riverside County (that had already been approved and funded and waiting for award), along with a $38.8 million highway project in Imperial County, helped boost heavy construction to $562.2 million in February. In the first two months of 2004 heavy construction totals $1.007 billion, up 3.2 percent from last year.
Ben Bartolotto, Director of the Research Board, reports that without the two highway projects "public works construction would be down both from a month ago as well as February 2003." CIRB is forecasting public works construction, which includes highway-heavy and public buildings (government owned buildings) will decline by 4.1 percent in 2004. After two months in 2004, public works construction totals $2.43 billion, up 0.9 percent from February 2003.
California's private building activity, including both residential and nonresidential construction, totals $3.8 billion in February, down 3.7 percent from January and down 4.9 percent from February 2003. The bulk of the February decline is due to a sharp drop in multi-family housing. CIRB analysts say "that drop is an aberration that results in an unusual spike in multi-family units in February 2003."
In the first two months of 2004 total building activity totals $7.8 billion, down 2.0 percent. CIRB forecasts show modest increases in both residential and private nonresidential building in 2004.
Analysts are also watching new office building construction which has been one of the weakest areas since 2000 in the private nonresidential building sector. After two months of 2004, new office building is up $49.3 million (32.2 percent). CIRB forecasts nonresidential building to increase by 2.3 percent in 2004. This anticipated increase follows three years of substantial decline in that sector.
In addition, make sure to read these articles:
- Editor's Report
- Highway construction industry pushes for funding
- Roadway Construction Delays Expected At Oakland International Airport Through March 2,...
- California Construction Statistics
- Slight Increase in State Construction Forecast for 2003.
- Modest increase predicted for construction in 1995.
- Construction Showing Early 1996 Gain.
- State Construction Continues toClimb.
- February gains overtake slow construction start.
- State Construction Activity to Increase by 5.7 Percentin 2000.
- State construction up for fourth month.
- Construction Volume Continues Upward.
- First Quarter California Construction Volume Up 22.8Percent.
- California Construction Statistics
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