A fire, which destroyed part of a Keepmoat development in Greater Manchester, is being treated as arson. Source link

Steady job growth, affordable home prices, attractive mortgage interest rates and pent-up demand will help the US housing market continue on a gradual upward trajectory in the year ahead, it is claimed. However, supply side headwinds led by a shortage of construction lots and labour, along with tight access to acquisition, construction and development loans, continue to hamper a more robust recovery, according to economists who participated the National Association of Home Builders (NAHB) Spring Construction Forecast event. ‘Builders remain cautiously optimistic about market conditions. This should be the first year since the recession in which the growth rate for single family production exceeds that of multifamily. And we see single-family growth accelerating in 2017 as the supply chain mends and we can expand production,’ said NAHB chief economist Robert Dietz. The event heard that steady job growth has bolstered consumer confidence and rekindled housing demand. Nationally, payroll employment has surpassed its pre-recession peak by a modest margin; only a small number of states still lag behind those levels. Looking ahead, single family production is expected to post a 14% gain in 2016 to 812,000 units and rise an additional 19% to 964,000 units in 2017. Using the 2000/2003 period as a healthy benchmark, when single family starts averaged 1.3 million units on an annual basis, single family production currently stands at 58% of normal activity. The NAHB projects that single family production will rise to 64% of normal by the fourth quarter of this year and climb to 77% of normal by the end of 2017. On the multifamily side, production ran at 395,000 units last year, above the 331,000 rate that is considered a normal level of production. Multifamily starts are expected to decline 4% to 379,000 units this year, and rise 6% to 402,000 units in 2017. Residential remodelling activity is expected to increase 3.3% in 2016 over last year, and rise an additional 1.3% in 2017. Len Kiefer, deputy chief economist at Freddie Mac, cited several factors that should make this year’s home sales the best in a decade including fewer household formations than normal and data showing that more owners are current on their mortgages, with fewer defaults and less foreclosures along with solid job gains include rising salaries and wages. He pointed out that house prices are rising about 6% annually and appear to be in line with incomes and rents while demographic tailwinds are helping to propel the housing market forward. Freddie Mac is projecting 5.9 million total home sales this year, the highest level since 2006, and 6.2 million in 2017 and regionally, Kiefer said that house price growth is the strongest in the South and West, with Nevada, Oregon, Washington, Colorado and Florida all posting double digit state-wide house price appreciation between December 2014 and December 2015. NAHB senior economist Robert Denk said that housing market conditions are improving across the nation, but the pace of the recovery continues to vary by state and region. ‘A common theme has emerged. The progress of market recovery is no longer a function of the boom-and-bust cycle marked by price bubbles, excess supply and foreclosures. The key driver of the housing recovery is now back to the underlying housing market fundamentals of population and job growth,’ he explained. The hardest hit areas during the downturn included the bubble states of California, Arizona, Nevada and Florida, where housing market excesses were the greatest, and the industrial Midwest, where the longer term decline in US manufacturing was exacerbated by the recession. Marked by solid job growth, housing markets in the bubble states are on the mend while the Midwest continues to languish due to an ongoing sluggish manufacturing base. The states with the strongest housing market recoveries are also among the leaders in payroll employment gains since the end of the recession. The strongest housing recoveries to date are in Montana, North Dakota and Utah, all with robust energy sectors that helped push them near or beyond full recovery in housing production. The next tier of leaders includes Texas, Oklahoma, Louisiana and Alaska, again, all with prominent energy sectors. ‘The basic principle remains the same. A strong economy, whether helped, hindered or unaffected by the energy economy, will be a key factor driving housing recoveries going forward,’ added Denk. He added that another way of looking at the long road back to normal is that by the end of 2017, the top 20% of states will reach at least 102% of normal single family production levels, compared to the bottom 20%, which will still be below 65%. BOOKMARK THIS PAGE (What is this?)      Source link

Category: Construction Industry Today | Subscribe to Construction Industry Today Feed Published Mon, Jul 18th 2016 The Golf Classic 2016 is nearing the final and the excitement and anticipation is palpable. Now in its fourth round, there’s still a lot to play for. This year’s Grand Final is at Hanbury Manor’s acclaimed England championship course, which is also hosting the European Senior Tour – a star studded line up of celebrities and professional players raising funds for charity – only a few weeks before the Final of the Golf Classic! You could be following in the footsteps of some of our golfing greats! Posted via Industry Today. Follow us on Twitter @IndustryToday In its 24th year, the Golf Classic continues to attract golfers from all corners of the country. This truly national golf competition has become the must-attend event for many professionals working in the UK construction industry. Many competitors return each year to play enjoyable golf and forge new contacts. Michael Cox is an Installation Manager at Everest and has been a finalist in the competition for the last two years along with his partner, Frank O’Donnell from RDS. Having won their game in the fourth round, Michael reveals why he enjoys the competition:“We had a great game playing Gus and Andy. They were good company and I was impressed by Andy’s sporting gesture when he conceded a half point by revealing that his handicap had been cut from 5 to 4 after playing in a competition over the weekend. So a hole I thought I’d lost was actually only a half. I appreciated his honesty and this kind of sportsmanship is the reason why I took up golf and compete in The Golf Classic.”Winners of the tournament take home an impressive trophy and Pro Shop vouchers each. But there are many more ways to win including prizes for the Runner-up team, Nearest the Pin and the Longest Drive. The Golf Classic is proud to receive the continued support of Marley Plumbing & Drainage. This leading manufacturer and supplier of above and below ground drainage has sponsored the tournament since its inception 24 years ago. The tournament is also supported by a wide cross-section of the specialist construction press and media, further proof of its position as a flagship event in the industry’s calendar.We wish everyone taking part the very best of luck. Please send in any pictures and stories from your matches, there is a prize for those we include in press releases and online. To keep up with the action, you can follow the Golf Classic on Twitter @TheGolfClassic and on Facebook at www.facebook.com/thegolfclassic. Source link

©PA Nearly 8,000 jobs have been lost from the North Sea oil and gas industry during the downturn, according to the industry body, while 120,000 roles have gone across the wider economy. Figures released on Friday by Oil and Gas UK show that employment in the industry has fallen from an estimated 41,700 in 2014 to 34,000 today. Meanwhile the number of jobs that rely on the industry — including taxi drivers, hotel staff and caterers — has fallen from 453,800 to 330,400. The organisation said it expects the number of supported jobs to fall a further 40,000 by the end of the year. Deirdre Michie, chief executive of Oil & Gas UK, said: “We cannot overestimate the impact the global downturn in the industry is having on the UK economy, nor the personal toll for those who have lost their jobs, and the effect on their families and colleagues.” The statistics underline the damage caused to the economy of north-east Scotland since the middle of 2014, with the price of a barrel of crude oil dropping from about $115 to just $50 during that period. The UK North Sea, one of the oldest oil basins in the world, and also one of the most expensive for producers, has been particularly badly hit by the slump. Some of the biggest oil producers in the world have been making steep job cuts in recent months. Shell announced last month that it was cutting another 475 jobs in the UK North Sea, while BP said in January it was shedding 600 roles. This has had a significant knock-on effect for the rest of the economy. The number of people claiming unemployment benefits in Aberdeen has more than doubled since the end of 2014 and the proportion doing so has now overtaken the UK average at 2.1 per cent. House prices in the city have dropped 14 per cent in the past year. Some are hoping that the job of taking apart oil platforms will provide an economic boost to the region but many cash-strapped companies are delaying shutting down operations to avoid heavy up front costs. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link