Engineering News-Record today reported that an overall decline in construction starts in the United States is more dire than predicted. McGraw-Hill Construction estimates that the industry experienced an 8% decline in construction starts in 2007. Another 2% drop is forecast for 2008.

Total construction reached a record $668.9 billion in starts in 2006, and values are expected drop to $626.7 billion for 2007 and $614.1 billion in 2008. Last year, McGraw-Hill Construction predicted that starts in 2007 would drop 1%, despite the weaking single family home market.

Turmoil in the sub-prime mortgage market has been a major concern for the construction industry and the overall economy. Tighter lending conditions  will impact both residential and commercial development.

Some positive trends are still seen in public works projects and school construction.

Novus International has broken ground on a new global headquarters at the 200-acre Missouri Research Park in St. Charles. The $20 million project will include the renovation of Novus’ existing 42,000-square-foot facility and construction of a 48,000-square-foot addition.

The new building will feature 10 research laboratories, an employee and customer-training center, a fitness center, a library, and a coffee bar and lounge. The project will seek platinum-level LEED certification, with energy-efficient electrical and mechanical systems, bamboo wood flooring and doors, skylights and floor-to-ceiling windows for natural light, and zero-irrigation landscaping. Forum Studio is providing design services for the project and Clayco is general contractor.

Source: REBusiness Online

Phase I construction on Market at McKnight, a $95 million mixed-use development in Rock Hill, will be complete this month. The project is being developed by Novus Development, with The Lawrence Group providing master planning for the entire project and complete architectural services for the first phase. Hensley Construction is general contractor.

Phase I includes 126,000 square feet of retail space. Stein Mart will be the anchor with additional tenants including Starbucks Coffee, Clarkson Eye Care, Cartridge World and Bandana’s.
Phase II will include 150,000 square feet of retail space, 50,000 square feet of office space and 150,000 square feet of residential space. Completion is scheduled for 2010.

Source: REBusiness Online