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
Industry Research | Jul 26, 2016
AIA consensus forecast sees construction spending on rise through next year
But several factors could make the industry downshift.
Architects | Jul 20, 2016
AIA: Architecture Billings Index remains on solid footing
The June ABI score was down from May, but the figure was positive for the fifth consecutive month.
Market Data | Jul 7, 2016
Airbnb alleged to worsen housing crunch in New York City
Allegedly removing thousands of housing units from market, driving up rents.
Market Data | Jul 6, 2016
Construction spending falls 0.8% from April to May
The private and public sectors have a combined estimated seasonally adjusted annual rate of $1.14 trillion.
Market Data | Jul 6, 2016
A thriving economy and influx of businesses spur construction in downtown Seattle
Development investment is twice what it was five years ago.
Multifamily Housing | Jul 5, 2016
Apartments continue to shrink, rents continue to rise
Latest survey by RENTCafé tracks size changes in 95 metros.
Multifamily Housing | Jun 22, 2016
Can multifamily construction keep up with projected demand?
The Joint Center for Housing Studies’ latest disection of America’s housing market finds moderate- and low-priced rentals in short supply.
Contractors | Jun 21, 2016
Bigness counts when it comes to construction backlogs
Large companies that can attract talent are better able to commit to more work, according to a national trade group for builders and contractors.
Market Data | Jun 14, 2016
Transwestern: Market fundamentals and global stimulus driving economic growth
A new report from commercial real estate firm Transwestern indicates steady progress for the U.S. economy. Consistent job gains, wage growth, and consumer spending have offset declining corporate profits, and global stimulus plans appear to be effective.
Market Data | Jun 7, 2016
Global construction disputes took longer to resolve in 2015
The good news: the length and value of disputes in the U.S. fell last year, according to latest Arcadis report.
