Philadelphia Construction Law Blog

In a classic example of supply and demand, an increased supply in the construction market has paired with a decreased global demand to drive down the price of construction materials for the second month in a row. The primary culprits appear to be the troubled economies of China, Brazil, and Russia.

On January 2, 2014, the U.S. Department of Commerce reported that U.S. construction spending rose to its highest level in nearly five years in November, led by a surge in private construction project spending.

The Construction Back Log Indicator, a national economic measurement maintained by the Associated Builders and Contractors, has released its third quarter numbers. While chief economist Anirban Basu was cautiously optimistic that the economy’s gradual recovery remains underway, his analysis also contained some sobering elements.

There is good news for the construction industry in a recent report by economist Anirban Basu. The performance of hotels in the United States has improved over the last 12 months. As a result, more hotels are being built or renovated. More specifically, Philadelphia is among the improved cities with regard to occupancy rates with a 21% increase.