1/6/2023 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY Construction spending up 0.2 percent in November and 8.5 percent year-on-year Construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent above the revised October estimate of $1,803.2 billion. The November figure is 8.5 percent above the November 2021 estimate of $1,665.2 billion. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, 10.5 percent above the $1,499.8 billion for the same period in 2021. https://www.census.gov/construction/c30/current/index.html   November manufacturing sector index slips…

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Kimberley Development Launches New Affordable Line of Housing

Kimberley Development Launches New Affordable Line of Housing Kimberley Development Corp., has launched Progressive Builders, a line of affordably priced single-family houses and townhomes that will be built in Central Iowa communities. Read More Business Record https://businessrecord.com/Content/Default/All-Latest-News/Article/Kimberley-Development-launches-new-affordable-line-of-housing/-3/248/99194

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82-Unit Apartment Building Rises in Del Aire

82-Unit Apartment Building Rises in Del Aire The building was originally planned as a six-story, 152-room hotel in roughly the same building envelope. However, building permits on file with the County confirm that the project is now a residential development. Read More Urbanize Los Angeles https://la.urbanize.city/post/six-story-82-unit-apartment-building-rises-11814-aviation-boulevard-del-aire

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Lumber Prices Have Returned to Pre-Pandemic Levels

Now returning to Pre-Pandemic levels, lumber prices dropped 63% in 2022. According to WXPR, at about $365 for 1,000 board feet, lumber prices are lower now than they’ve been in more than two years. “They’re about where they were before the pandemic started,” says Rick Wilson, the President and CEO of Pukall Lumber in Arbor Vitae. He says the pandemic caused labor shortages, which created supply issues for larger sawmills. At the same time, demand for lumber spiked, as people tackled home renovation projects and construction boomed. Read More

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California Approves Strategy for Tackling Climate Change

California Approves Strategy for Tackling Climate Change The plan sets a goal for developers, businesses and local governments to construct at least 3 million climate-friendly homes by 2030 and 7 million by 2035 and install 6 million heat pumps by 2030. Read More KCET https://www.kcet.org/news-community/california-approves-far-reaching-strategy-for-tackling-climate-change-so-whats-next

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First Phase of Acequia Lofts Nearing Completion

First Phase of Acequia Lofts Nearing Completion Tierra Concepts is seeking a LEED Gold rating form the U.S. Green Building Council for its energy-saving measures, including 400 solar panels that will reduce residents’ electricity bills Read More Santa Fe New Mexican https://www.santafenewmexican.com/news/business/first-phase-of-acequia-lofts-nearing-completion/article_b418b5c2-8307-11ed-8294-e3d428a00d6c.html

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