Washington is the US state with the highest pipeline value of construction projects that are in the execution stage, and this is reflected in the rapid growth the state has seen in construction activity over the past eight years, according to GlobalData, a leading data and analytics company,
GlobalData’s latest report: 'Project Insight – Construction in Key US States (2020 Update)’, which focuses on 10 key US states in terms of construction output, construction employment, overall size of the economy, population and construction project pipeline, reveals that of the top 10 largest projects in the Washington state, nine were in the execution stage as of August 2020. These include the US$17bn Hanford Tank Waste Treatment and Immobilization Plant, the US$7bn Washington Union Station Upgrade, and the US$2.3bn Spring District Mixed-Use Development.
Dariana Tani, Economist at GlobalData explains: “With the emergence of the COVID-19 pandemic this year and lockdown restrictions imposed by local authorities to slow the spread of the virus, construction activity in the Washington state, along with many other major states in the US, is expected to decelerate further in 2020.
“While record-low mortgage rates and the sizeable shift in remote work are currently boosting demand for new homes, high unemployment rates, low housing supply and the still widespread rise in new COVID-19 cases across the country, is expected to continue to undermine business and consumer confidence and keep a large segment of potential buyers on the side-lines.”
Related Stories
Market Data | Apr 6, 2017
Architecture marketing: 5 tools to measure success
We’ve identified five architecture marketing tools that will help your firm evaluate if it’s on the track to more leads, higher growth, and broader brand visibility.
Market Data | Apr 3, 2017
Public nonresidential construction spending rebounds; overall spending unchanged in February
The segment totaled $701.9 billion on a seasonally adjusted annualized rate for the month, marking the seventh consecutive month in which nonresidential spending sat above the $700 billion threshold.
Market Data | Mar 29, 2017
Contractor confidence ends 2016 down but still in positive territory
Although all three diffusion indices in the survey fell by more than five points they remain well above the threshold of 50, which signals that construction activity will continue to be one of the few significant drivers of economic growth.
Market Data | Mar 24, 2017
These are the most and least innovative states for 2017
Connecticut, Virginia, and Maryland are all in the top 10 most innovative states, but none of them were able to claim the number one spot.
Market Data | Mar 22, 2017
After a strong year, construction industry anxious about Washington’s proposed policy shifts
Impacts on labor and materials costs at issue, according to latest JLL report.
Market Data | Mar 22, 2017
Architecture Billings Index rebounds into positive territory
Business conditions projected to solidify moving into the spring and summer.
Market Data | Mar 15, 2017
ABC's Construction Backlog Indicator fell to end 2016
Contractors in each segment surveyed all saw lower backlog during the fourth quarter, with firms in the heavy industrial segment experiencing the largest drop.
Market Data | Feb 28, 2017
Leopardo’s 2017 Construction Economics Report shows year-over-year construction spending increase of 4.2%
The pace of growth was slower than in 2015, however.
Market Data | Feb 23, 2017
Entering 2017, architecture billings slip modestly
Despite minor slowdown in overall billings, commercial/ industrial and institutional sectors post strongest gains in over 12 months.
Market Data | Feb 16, 2017
How does your hospital stack up? Grumman/Butkus Associates 2016 Hospital Benchmarking Survey
Report examines electricity, fossil fuel, water/sewer, and carbon footprint.
