U.S. construction spending increases 1.5% in January
Once again, the crane is becoming the national bird. Construction spending increased in January 2016 by 1.5 percent from the previous month, according to the U.S. Commerce Department. The increase was driven by nonresidential construction, which was up 2.5 percent, while residential construction was virtually flat.
The biggest jumps were in public works construction projects, such as highway and street construction (up 14.6 percent), and conservation and development (up 10.0 percent). Looking specifically at private construction, the biggest increase was in the lodging sector, which saw a 6.7 percent increase in construction from December 2015 and a 37.1 percent increase from 12 months prior.
A number of multimillion-dollar development plans have been announced recently.
Brandywine Realty Trust has formed a partnership with Drexel University to develop Philadelphia’s Schuylkill Yards project, a $3.5 billion, 14-acre master-planned community. The mixed-use proj