The Blue Book Network Velocity Index ticked up 0.5% to 100.9 in February from a revised 100.5 in January (December 2018 = 100). This the most stable the Index has been since before the pandemic began.
The Blue Book Network Velocity Index is a measure of month-to-month changes in bidding activity in The Blue Book Network, accounting for seasonality, providing a leading indicator of construction spending to inform critical decision making.
Analysis by building sector shows that the manufacturing, institutional, and multifamily categories fell back slightly, but were offset by gains in commercial and lodging. Lodging jumped nearly 50% to 69.4 following a 44% increase from December to January.
Some highlights:
• The institutional building sector dipped 2.5% to 117.2, but showed strengthening in the Midwestern states
• The manufacturing sector was mostly unchanged, with Pennsylvania, Massachusetts, Virginia, Washington, and Louisiana gaining
• The commercial buildings sector climbed 3.6% to 75.1
• Lodging continued its two-month recovery with strong gains mostly in the Sun Belt
• Multifamily, while down slightly, remained strong at 118.8, bolstered by Midwest and Southeast states
• States split the difference in February, with 22 on the rise
• Midwest states held the line with most showing moderate increases
• Larger states losing ground included California, Florida, New York, and Texas, with modest declines.
More on the The Blue Book Network Velocity Index.
Related Stories
Sustainability | Apr 4, 2023
NIBS report: Decarbonizing the U.S. building sector will require massive, coordinated effort
Decarbonizing the building sector will require a massive, strategic, and coordinated effort by the public and private sectors, according to a report by the National Institute of Building Sciences (NIBS).
Education Facilities | Apr 3, 2023
Oklahoma’s Francis Tuttle Technology Center opens academic center for affordable education and training
Oklahoma’s Francis Tuttle Technology Center, which provides career-specific training to adults and high school students, has completed its Francis Tuttle Danforth Campus—a two-story, 155,000-sf academic building. The project aims to fill the growing community’s rising demand for affordable education and training.
Sports and Recreational Facilities | Mar 30, 2023
New University of St. Thomas sports arena will support school's move to Division I athletics
The University of St. Thomas in Saint Paul, Minn., last year became the first Division III institution in the modern NCAA to transition directly to Division I. Plans for a new multipurpose sports arena on campus will support that move.
Warehouses | Mar 29, 2023
Construction completed on Canada’s first multi-story distribution center
Construction was recently completed on Canada’s first major multi-story industrial project, a distribution center in Burnaby, British Columbia. The project provides infrastructure for last-mile delivery in a world where consumers have come to expect next-day and same-day delivery, according to Ware Malcomb, the project's architect of record.
Healthcare Facilities | Mar 26, 2023
UC Davis Health opens new eye institute building for eye care, research, and training
UC Davis Health recently marked the opening of the new Ernest E. Tschannen Eye Institute Building and the expansion of the Ambulatory Care Center (ACC). Located in Sacramento, Calif., the Eye Center provides eye care, vision research, and training for specialists and investigators. With the new building, the Eye Center’s vision scientists can increase capacity for clinical trials by 50%.
Libraries | Mar 26, 2023
An abandoned T.J. Maxx is transformed into a new public library in Cincinnati
What was once an abandoned T.J. Maxx store in a shopping center is now a vibrant, inviting public library. The Cincinnati & Hamilton County Public Library (CHPL) has transformed the ghost store into the new Deer Park Library, designed by GBBN.
Multifamily Housing | Mar 24, 2023
Multifamily developers offering new car-free projects in car-centric cities
Cities in the South and Southwest have eased zoning rules with parking space mandates in recent years to allow developers to build new housing with less parking.
Multifamily Housing | Mar 24, 2023
Coastal multifamily developers, owners expect huge jump in insurance costs
In Texas and Florida, where Hurricane Ian caused $50 billion in damage last year, insurance costs are nearly 50% higher than in 2022.
Multifamily Housing | Mar 24, 2023
Average size of new apartments dropped sharply in 2022
The average size of new apartments in 2022 dropped sharply in 2022, as tracked by RentCafe. Across the U.S., the average new apartment size was 887 sf, down 30 sf from 2021, which was the largest year-over-year decrease.
Government Buildings | Mar 24, 2023
19 federal buildings named GSA Design Awards winners
After a six-year hiatus, the U.S. General Services Administration late last year resumed its esteemed GSA Design Awards program. In all, 19 federal building projects nationwide were honored with 2022 GSA Design Awards, eight with Honor Awards and 11 with Citations.
