What does the Dodge Data and Analytics Report Really Mean to End Users and Consumers?
Per the Dodge Data and Analytics data, in August 2016, non-residential construction leaped 21% to $711.2 billion. There are several projects that contributed to this gain, most notably the following:
- The $1.7 billion Wynn Casino on Boston, MA (hospitality)
- The $2.5 billion 30 Hudson Yards office-retail tower in New York, NY (retail/office)
- The $3 billion petrochemical plant in Lake Charles, LA (manufacturing)
- The $508 million terminal upgrade at Seattle-Tacoma International Airport
- A $3 billion natural gas pipeline project spanning Alabama, Georgia, and Florida
- The $900 million Wanda Vista Tower in Chicago, IL
- A $9 billion liquefied natural gas terminal in Texas
- The $2.3 billion Interstate 4 Highway project in the Orlando, FL area
- A $124 million life sciences building at the University of Washington in Seattle, WA (higher education)
- A $118 million high school in the Dallas, TX area. (higher education)
- A $300 million medical center in St. George, UT (medical)
So for those of us who build, sell, and live in the real world, what do these projects and dollar figures mean? The way I see it, this article gives insight into what we are starting to see—and what we expect to see more of—in the fourth quarter of 2016 and the first quarter of 2017 around the Wake Forest/Raleigh area. Expect announcements concerning new large manufacturing and warehouse spaces, more higher education construction, more upward gain in the hospitality industry. We already see a trend for mid-rise, podium-style, mixed use downtown construction. Upcoming businesses in the areas discussed will show increased growth, which will drive the need for new and larger spaces. Commercial agents in Wake Forest, Raleigh, and the greater RTP area need to be ready for this wave of growth, which means being knowledgeable about all facets of these growth industry trends. Kima Commercial offers agents who already have such a knowledge base and are well prepared to usher these growing industries into the Wake Forest/Raleigh market.