By Esther D’Amico and Carolina Worrell Many contractors in the tristate region say that two factors will largely determine the industry’s robustness in the year to come—the economy and the upcoming general election. They reason that until the economy gains momentum, owners and developers will not shake their wait-and-see attitudes; and, until the next Congress […]
Author Archives: midwood
US construction spending up 0.3% in April Builders have grown more confident since last fall, in part because more people are expressing interest in buying a home
(AP) – U.S. builders increased their spending on construction projects for a second month in April. A pickup in home construction and commercial projects offset a fifth consecutive decline in government spending. Construction spending rose 0.3% in April, matching an upwardly revised 0.3% March gain, according to data released Friday by the Commerce Department. The […]
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One World Trade Center, the ‘Freedom Tower,’ becomes New York’s tallest building
One World Trade Center, the so-called Freedom Tower currently under construction in Lower Manhattan, technically became New York City’s tallest building on Monday, as workers erected steel columns on the 100th floor, 1,271 feet above the street, to make it stand 21 feet higher than the Empire State Building’s observation deck. The Freedom Tower, which […]
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Americans more confident in housing recovery About 60% of those surveyed last month had positive views about the housing market and 70% expect property values improve over the next two years
(Bloomberg) – Potential homebuyers and sellers are growing more confident that the U.S. real estate market will begin to recover as soon as next year, according to a Prudential Real Estate survey. Some 60% of people surveyed last month had positive views about the housing market and 70% expected property values to improve over the next […]
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Manhattan land rush is on Developers return to ground, bulk up on building sites as economy begins to turn
Feverishly working to wrap up two deals during Thanksgiving weekend, developer Joseph Sitt barely had time to sit down for dinner with his family. But by the following Tuesday, Thor Equities’ chief executive had much to be grateful for. That day he signed contracts to buy two Manhattan development sites, one on Fifth Avenue and […]
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US homebuilders feel ‘more positive’
(Bloomberg) – Confidence among U.S. homebuilders climbed more than anticipated in February to the highest level since May 2007, pointing to an improving outlook for construction. The National Association of Home Builders/Wells Fargo index of builder confidence rose for a fifth straight month, to 29 in February from 25 in January, figures from the […]
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Fed Extends Record-Low Interest Rates Through Late 2014
The Federal Reserve announced on Wednesday that it will not increase its benchmark interest rate until at least late 2014, saying that record-low rates are still needed to help boots the still sluggish economy. Hot Feature: Gravity of Debt Crisis Casts Shadow on World Economic Forum in Davos After a two-day meeting of the Federal Open Market Committee, […]
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Construction Spending in U.S. Rises More Than Forecast
Construction spending in the U.S. rose in November for a third time in four months, indicating the industry helped boost growth at the end of 2011. Building outlays increased (CNSTTMOM) 1.2 percent, exceeding the median estimate of 46 economists in a Bloomberg survey that called for a 0.5 percent gain, Commerce Department figures showed today inWashington. The […]
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Construction Spending in U.S. Unexpectedly Rose in August on Local Outlays
Construction spending in the U.S. unexpectedly rebounded in August, propelled by the biggest jump in state and local government outlays in more than two years. The 1.4 percent gain reversed the revised 1.4 percent drop in July, Commerce Department figures showed today in Washington. The median estimate of 52 economists surveyed by Bloomberg News called […]
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Lower Manhattan’s Thriving Post-9/11 Multi-Housing Industry
By Jessica Fiur, News Editor New York—This Sunday, September 11, 2011, marks the 10-year anniversary of the World Trade Center attacks. In 2001, after the World Trade Center buildings were destroyed, and thousands of businesses and residents were displaced or forced to relocate, many wondered if Wall Street would ever recover. But it has. Though […]
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