Latest Information in Our Industry
Construction Forecast 2007-2009 -source: The desk of Richard Wishnie
In a recently released report, The New York City Building Congress states that “construction spending in New York City is projected to reach $83 billion over the next three years, continuing a remarkable trend of accelerating growth”.
While overall construction spending reached a record $24.6 billion in 2006, the Building Congress forecasts spending of $26.2 billion in 2007, $27.5 billion in 2008, and $29 billion in 2009. If fully realized, this would represent and !8 percent increase in annual spending over a three-year period.
With so much work underway and about to start, it is important to note the inevitable rise in costs for material and labor under such intense demand. Construction costs are increasing at the rate of about 1% per month. Essential building supplies such as concrete and steel have driven up the budgets of all major public and private sector projects. Inflationary pressure is also evident in the cost of contractors, subcontractors and skilled labor, the cost of land, fuel prices and compliance with environmental regulations. Although the appetite for construction has not yet been abated by rising costs, the question remains at what point developers and government might find building to be cost-prohibitive and begin to cut back.
CIP Offers Construction Safety Classes -source: RW
The Construction Industry Partnership Labor Management Initiative of the Building Trades Employers’ Association is sponsoring a series of safety classes for the Spring/Summer 2007. There is no charge for these classes. There is a $25 deposit that is returned upon completion of the class.
Classes include 10-hour OSHA, 7-hour Site Safety Refresher, 4-Hour Fall Protection, 4-Hour Confined Space, 8-Hour Scaffold and 40-Hour Site Safety Manager. For further information about the schedule and registration contact the BTEA at 212-704-9745 or Jnastasi@bteany.com.
New York City 2007 Electrical Code Available -source: RW
Copies of the New York City Amendments to the 2005 National Electrical Code and Related Administrative Provisions ($20), and the 2005 National Electrical Code ($75) are now available from the City Store. You may purchase copies on line at www.NYC.gov/citystore or call 311/212-NEW-YORK.