Public Construction Could Be Bright Spot in 2009

Trenton, NJ, Nov. 7, 2008--While many forecasts are calling for a slowdown in non-residential construction, New Jersey offers a glimmer of hope.

New Jersey will see more than $36 billion in new construction projects over the next two years, most of it publicly funded, the New Jersey Alliance for Action said in its 24th annual construction forecast. That represents a 20 percent increase over last year's forecast, $30.7 billion, which was the all-time high.

"I am pleasantly shocked by these numbers," Alliance president Philip Beachem said after a seminar held in Trenton. Beachem also acknowledged previous prognostications are never audited to gauge accuracy.

The predictions come from 28 public- and private-sector entities that total $18.3 billion for 2009 and $18.5 billion for 2010.

"Without public-sector projects, there would be little or no work in New Jersey," said moderator Richard Franklin, vice president of public affairs for Advance Realty Group.

Leading the charge for 2009 were state utilities, the Port Authority of New York and New Jersey, pharmaceutical and medical technology companies and the N.J. Schools Development Authority, who collectively predict $7 billion in new construction next year.

One group that ratcheted down its previous projections was the Casino Association of New Jersey, which last year predicted $1.5 billion for 2009, but yesterday lowered that figure to $800 million, as several casino projects have stalled in the current economic downturn. Just yesterday, Pinnacle Entertainment shelved plans for a $2 billion casino on the Atlantic City Boardwalk.

The National Association of Industrial and Office Properties likewise cut its 2009 projection in half, to $520 million.


Other Archived Articles

INSTALL Alliance Gets New Members   Full Article
Philadelphia, PA, May 22, 2009--Several new flooring companies have joined the INSTALL alliance.

CRI Includes Carpet Cleaning Firms in Program   Full Article
Dalton, GA, May 22, 2009--The Carpet and Rug Institute (CRI) has expanded its Seal of Approval program to include carpet cleaning companies.

Azrock Names Top Starnet Sales Performers   Full Article
Dallas, TX, May 22, 2009--Azrock by Tarkett named the recipients of the 2008 StarNet Top Performance Award for their 2008 sales.

Brintons Develops Paper Sample System   Full Article
Atlanta, GA, May 21, 2009—Brintons said it has become the first Axminster carpet supplier to launch its own large format strike-off simulation program.

Mohawk Group Adds Re:work Workshops   Full Article
Marietta, GA, May 22, 2009--The Mohawk Group is expanding its free Re:work program, a seminar-style workshop to help displaced architects and designers.

Florida Tile Becomes ASID Industry Partner   Full Article
Lakeland, FL, May 22, 2009--Florida Tile has joined the American Society of Interior Designers as an industry partner.

Judge Orders Foamex To Restart Auction of Assets   Full Article
Media, PA, May 22, 2009--Foamex International Inc. was ordered to restart an auction for its assets after the outcome was challenged by lenders owed $325 million.

Leading Economic Indicators Rose Sharply in April   Full Article
New York, NY, May 21, 2009--The Conference Board's Leading Economic Index for the U.S. rose sharply in April.

Mohawk Holds Sales Event for Revamped CustomWeave   Full Article
Dalton, GA, May 21, 2009--Mohawk Floorscapes dealers are introducing the new CustomWeave Boutique with a sales event from May 31 to June 27.

Pfleiderer Revenues Fall in First Quarter   Full Article
Neumarkt, Germany, May 21, 2009--Pfleiderer AG, parent of laminate firm Pergo, in the first quarter posted revenue of 358.0 million euros $489.2 million), 23.5 percent below the level posted in the first quarter of last year.

J+J/Invision Named Georgia Family Biz of Year   Full Article
Dalton, GA, May 21, 2009--With its third generation now leading the more than 50-year-old business, J+J/Invision has been selected as the winner of the 2009 Georgia Family Business of the Year.

Mannington Commercial Enters Rubber Market   Full Article
Calhoun, GA, May 21, 2009– Mannington Commercial, fresh off its purchase of rubber firm Burke Industries last June, has launched its first Mannington branded line of rubber tile, wall base and stair treads.

Laticrete Names Technical Sales Representative   Full Article
Bethany, CT, May 21, 2009--Laticrete has named technical sales representative for the Indiana Region, which includes Iowa, Kansas, Missouri and Nebraska.

Porcelanosa Taking Space at Merchandise Mart   Full Article
Chicago, IL, May 21, 2009--Spanish tile firm Porcelanosa will make its debut in Chicago this summer at LuxeHome.

Fed Officials Wary About Signs of Upturn   Full Article
Washington, DC, May 21, 2009--Federal Reserve officials are not convinced that recent signs of stabilization in the economy will continue.

AIA Billings Index Edges Down in April   Full Article
Washington, DC, May 20, 2009--The Architecture Billings Index fell 0.9 of a point to 42.8 last month after an eight-point jump in March, according to the American Institute of Architects.

Commercial Real Estate Facing Tough Year, NAR Says   Full Article
Washington, DC, May 20, 2009--Lack of demand and lack of credit will keep the U.S. commercial real estate market weak for the remainder of the year, the National Association of Realtors said Wednesday.

Home Building Getting Greener   Full Article
Washington, DC, May 20, 2009--As builders and remodelers retool their businesses in a tight credit market and recapture the interest of jittery consumers, this spring is the greenest yet for the nation's home building industry.

Mortgage Applications Up on Increased Refinancing   Full Article
Washington, DC, May 20, 2009--Mortgage application volume last week rose a seasonally adjusted 2.3% compared with the week before, as mortgage rates fell, the Mortgage Bankers Association reported Wednesday.

Whittemore Named to Surfaces Education Council   Full Article
Kinnelon, NJ, May 19, 2009--Christine Whittemore of Simple Marketing Now LLC has been re-appointed to the Surfaces 2010 Education Advisory Council.