| December 24, 2008 | News for contractors and the construction industry |
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| Industry Watch |  |  |
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- Ground breaks on New Orleans storm surge barrier project
Construction began recently on the Inner Harbor Navigation Canal Lake Borgne Surge Barrier Project in New Orleans. The $700 million barrier will block the powerful Gulf of Mexico storm surge from entering the Gulf Intracoastal Waterway. Officials hope to complete the project in 2011. "When we see this surge barrier, we will know that it is a stance we've taken for the betterment of the people in New Orleans," said Army Corps of Engineers Commander Lt. Gen. Robert Van Antwerp. GoStructural.com
(12/22)
     
- Las Vegas Sands cuts jobs, suspends construction in Macau
Las Vegas Sands' Venetian Macau has cut 500 jobs and plans to reduce staff working hours as part of a plan to lower costs. The company has also suspended construction at two sites in Macau's Cotai area. The number of visitors to Macau's casinos and hotels has declined because mainland China authorities have tightened restrictions to the former Portuguese enclave. The Wall Street Journal
(12/23)
- Tampa mall to get $10 million face lift
Tampa's University Mall is headed for a facelift. The indoor shopping center will get a $10 million renovation. The mall was purchased by Somera Capital Management LLC and Rockwood Capital LLC for $144.7 million in 2007. General Growth Properties is managing the 1.2-million-square-foot site, which will soon feature a new food court, wi-fi access, a children's play area and an overall new look. GlobeSt.com
(12/21)
- Hotel projects press ahead in Nashville
Hotel projects are moving ahead in Nashville, Tenn., as developers have faith that demand from business travelers will stay strong. Work continues on a number of projects, including a Hotel Indigo that was supposed to open in 2007 and the Hutton Hotel, due to open next month. The Tennessean (Nashville)
(12/21)
| Market Update | | |
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- Economy will post sharp declines in Q4, analysts say
Some economists predict that the economy could decline as much as 6% in the fourth quarter, which would amount to the worst quarterly drop since 1982. Government statistics show gross domestic product fell at an annual rate of 0.5% in the third quarter, while corporate profits declined 1.2%. "It will get a lot worse before it gets better," said Nariman Behravesh, chief economist at IHS Global Insight. "We are in the midst of the worst recession in the post-war period, even factoring in a massive stimulus program." The Sun (Baltimore)/The Associated Press
(12/23)
- ABC forecasts downturn in 2009 construction activity
The overall weakness experienced by the U.S. economy this year will become apparent in the construction industry in 2009, according to a forecast by Associated Builders and Contractors. "While nonresidential construction employment was down 4.7% on a year-over-year basis in October, this level of job loss pales in comparison to what is likely to emerge over the next twelve months," said Anirban Basu, the group's chief economist. ABC predicts that commercial building will be off between 10% and 20% next year from 2008 levels. GoStructural.com
(12/22)
| Product Innovation & Technology | | |
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| News From Washington | | |
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- Biden: Obama, lawmakers near agreement on stimulus package
The incoming Barack Obama administration is close to reaching an agreement with lawmakers on an economic-stimulus package, according to Vice President-elect Joe Biden. He declined to confirm the plan will cost $800 billion but noted lawmakers and the new administration are close to agreeing on the cost and kind of spending involved. Obama's advisers have said the U.S. will face its worst economic downturn in decades if the package is not passed. Bloomberg
(12/23)
| Association News | | |
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AGC of America makes it easy to be green
AGC has worked with the foremost experts in environmental management and compliance to create an authoritative and current collection of publications. Find out what you need to create an EMS, how to keep stormwater from destroying your project and how to prevent your profits from being drained. Visit the environmental section of the AGC Bookstore and discover all you need to be green. www.agc.org/bookstore, keyword "Green."
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Constructing an environmental management system
An environmental management system (EMS) can help you save money, make money and protect your market. This environmental tool -- designed to guide you step-by-step through the process of developing an EMS -- combines guidelines with a sample EMS and templates on CD for your company to customize. Both general and specialty contractors should take advantage of this opportunity to effectively manage their environmental risks and increase their competitive edge. 2004. To purchase copies visit www.agc.org/bookstore, item #3212.
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