New Development Escalates in the Third Quarter, According to BidClerk
CHICAGO — The number of new construction projects rose considerably in the third quarter of 2015 in markets across the country, according to data compiled by Chicago-based BidClerk, a leading provider of construction project data in the United States and Canada.
The BidClerk Construction Index (BCI) reported more than 76,000 new projects valued at over $200 billion nationally in third quarter 2015; an upswing of 21,000 projects and $35 billion from third quarter 2014.
Markets that saw spikes in new construction from second quarter numbers were Texas; Florida; Washington, D.C.; Pennsylvania; and the Southwestern U.S.
In the third quarter, Texas recorded a 10 percent uptick in the number of actively bidding projects, with more than 3,800 projects at a combined contract value of $17 billion. High-profile projects out for bid in the third quarter included a $575 million addition and expansion of an educational facility in Fort Worth, and the $325 million Liberty Mutual offices at Legacy West in Plano. Areas in the report by BidClerk include Austin, Dallas-Fort Worth, El Paso, Houston and San Antonio.
More than 2,100 construction projects with a combined contract value over $8.4 billion were actively bidding in the state of Florida in the third quarter, showing a 5 percent increase from second quarter numbers. Projects out for bid during this period included Phase VI of the $1 billion Port Redwing Improvement project, and the $50 million renovation and expansion of the O’Connell Center at the University of Florida. Areas covered in the report include Jacksonville, Miami, Fort Lauderdale, Orlando, Tallahassee, Tampa and St. Petersburg.
Washington, D.C., and its surrounding regions recorded a 5 percent spike in the number of construction projects out for bid in the third quarter. Nearly 400 private and 1,300 public projects valued at more than $8.5 billion were actively bidding, including the $175 million mixed-use development Capitol Crossing, and the $112 million mixed-use development 33 N Street NE. Areas in the report include Washington, D.C.; Arlington and Alexandria, Va.; and Baltimore and Columbia, Md.
More than 2,600 construction projects worth over $6 billion were actively bidding in Pennsylvania in the third quarter — a 3 percent increase from the numbers seen in the second quarter. High-profile projects out for bid included the $240 million River Chamber project at Charleroi Locks and Dam in Monongahela River, and a $30.4 million early learning center and elementary school in Phoenixville. Areas in the report include Philadelphia, Pittsburgh, Allentown, Harrisburg-Carlisle, Reading, Scranton and York-Hanover.
Major metropolitan regions in the Southwestern U.S. showed an 11 percent increase in new construction projects in the third quarter, with more than 1,100 construction projects valued at over $3.6 billion. Nearly 300 private and 860 public projects were recorded throughout the region, including the $115 million mixed-use development Hill Lofts of Flagstaff in Flagstaff, Ariz., and the $75 million Northgate Industrial Business Park in Las Vegas. Major metropolitan areas included in the report were Santa Fe and Albuquerque, N.M.; Las Vegas and Reno, Nev.; and Phoenix and Tucson, Ariz.
— Katie Sloan