Author: ipgocorp

MCLEAN, VA – Freddie Mac released its Multi-Indicator Market Index showing the majority of the top 100 housing markets across the country steadily improving, with one additional state, Georgia, entering its outer historic benchmark range of housing activity.

The national MiMi value stands at 86.4, indicating a housing market that’s on the outer edge of its historic benchmark range of housing activity with a +0.42 percent improvement from September to October and a three-month improvement of +1.86 percent. On a year-over-year basis, the national MiMi value improved +5.88 percent. Since its all-time low in October 2010, the national MiMi has rebounded 46 percent, but remains significantly off its high of 121.7. 

Forty-one of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Colorado (98.6), Utah (101.5), Hawaii (98), Idaho (97.2) and Oregon at (96.8) ranking in the top five with scores closest to their historical benchmark index levels of 100.

Seventy-seven of the 100 metro areas have MiMi values within range of their benchmark averages, with Dallas, TX (100.2), Nashville, TN (100.5), Honolulu, HI (100.8), Ogden, UT (100.8), and Los Angeles (99.1), ranking in the top five with scores closest to their historical benchmark index levels of 100.

The most improving states month over month were Nevada (+1.96%), Connecticut (+1.45%), Arizona (+1.40%), South Carolina (+1.33%) and Washington (+1.31%). On a year-over-year basis, the most improving states were Nevada (+12.87%), Massachusetts (+12.77%), Florida (+11.65%), Mississippi (+11.53%) and Arizona (+10.28%).

The most improving metro areas month over month were Springfield, MA (+1.96%), Tucson, AZ (+1.87%), Las Vegas, NV (+1.77%), Ogden, UT (+1.51%) and Worcester, MA (+1.48%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+17.45%), Worcester, MA (+16.02%), Chattanooga, TN (+14.78%), Dallas, TX (+14.51%) and Tampa, FL (+14.45%).

In October, 43 of the 50 states and 82 of the top 100 metros were showing an improving three-month trend. The same time last year, 30 states and 69 of the top 100 metro areas were showing an improving three-month trend.

Len Kiefer, Deputy Chief Economist of Freddie Mac stated, ”The National MiMi stands at 86.4, a 5.88 percent year-over-year increase, but still below its historic benchmark normalized to 100. The purchase applications indicator is up nearly 20 percent from last year and is reflected in the recent better-than-expected existing and new home sales purchase data. MiMi does not yet capture the recent jump in mortgage rates since the election, which will drive down homebuyer affordability and likely dampen demand for home sales next year in some markets. While we see strong house price growth in markets like Dallas, Houston, Orlando, Phoenix and others, most are still well below their pre-2008 peak and still have significant room for improvement.”

NEW YORK, NY – Mortgage rates inched upward, but it was enough to extend the climb to a ninth consecutive week, with the benchmark 30-year fixed mortgage rate now at 4.32 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed similarly nosed higher to 4.37 percent, and the average 15-year fixed mortgage rate reset a 32-month high of 3.57 percent. Adjustable mortgage rates were mixed, with the 3-year ARM slipping to 3.48 percent while the 5-year ARM rose to 3.57 percent.

Mortgage rates increased for a ninth week in a row and the 12th time in the past 13 weeks, with rates holding steady the only week they didn’t move lower during that stretch. As a result, benchmark 30-year fixed mortgage rates did not decline once during the fourth calendar quarter of 2016, the first time that has happened in the 31 years that Bankrate has been conducting a national mortgage rate survey. At the current average 30-year fixed mortgage rate of 4.32 percent, the monthly payment for a $200,000 loan is $992.09.

SURVEY RESULTS

30-year fixed: 4.32% — up from 4.31% last week (avg. points: 0.24)

15-year fixed: 3.57% — up from 3.56% last week (avg. points: 0.19)

5/1 ARM: 3.57% — up from 3.56% last week (avg. points: 0.35)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The panelists are split this week, with half expecting mortgage rates to fall and the other half predicting mortgage rates will remain more or less unchanged over the coming week. Interestingly, none of this week’s respondents see a continued rise in mortgage rates during the next seven days.

(RECAP: Despite the fact, documented by the Congressional Budget Office, that Fannie and Freddie have contributed $63 billion to taxpayers (on top of repaying their 2008 advance), the sweep agreement not only takes away 100% of their net profits every quarter — but takes away a portion of their remaining capital each year, reaching zero net worth in January 2018. Claims that the GSE’s lack of real capital is a “sideshow,” that a line of credit is just as good as real capital, — and that this does not have consequences — is directly rebutted by the GSEs’ regulator, the FHFA. In a February 2016 speech, FHFA Director Mel Watt said that the GSEs’ lack of capital is their “most serious risk.” He warned of real world consequences of a Treasury Department draw, including harm to investor confidence in the GSEs’ mortgage-backed securities and “a legislative response adopted in haste or without the kind of forethought it should be given.” This is not a sideshow. It is the main event.)

BELLEVUE, WA – Quadrant Homes announced the grand opening of Viscaia, their new townhome community in the heart of Bellevue’s Crossroads neighborhood. The community will include premium townhomes starting ranging in size from 1,800 to 2,500 square feet, with up to four bedrooms and two-car garages.

Located in close proximity to Microsoft’s main campus and local interstates 90, 405 and 520, Viscaia is built to appeal to Seattle and eastside tech employees.

“We’ve seen a flood of interest from prospective buyers who want to live in a vibrant urban setting,” said Ken Krivanec, president of Quadrant Homes. “This is the ideal community for buyers looking for thoughtful, livable townhome design, complimented with close access to employers, restaurants, retail, and entertainment.”

Quadrant Homes partnered with Bellevue-based Medici Architects on Viscaia. Each townhome will offer Quadrant’s signature personalization, where buyers can select designer features that fit their lifestyle. They will also offer 10-foot ceilings, open railing staircases, and main-floor living with first floor bedrooms and baths.

One of Bellevue’s central neighborhoods, Crossroads is rated by Walkscore as the second most walkable neighborhood in the city with a neighborhood Walk Score of 60. The neighborhood is home to the Crossroads Bellevue Shopping Center, Bellevue Youth Theatre, Crossroads Community Center, and a slate of popular parks.

“The overwhelmingly positive response has demonstrated that this is the right product, in the right location,” said Krivanec. “We suggest that interested buyers come see the community as quickly as possible.”

NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for October 2016 shows that home prices continued their rise across the country over the last 12 months.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.6% annual gain in October, up from 5.4% last month. The 10-City Composite posted a 4.3% annual increase, up from 4.2% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, up from 5.0% in September. Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities over each of the last nine months. In October, Seattle led the way with a 10.7% year-over-year price increase, followed by Portland with 10.3%, and Denver with an 8.3% increase. 10 cities reported greater price increases in the year ending October 2016 versus the year ending September 2016.

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.2% in October. The 10-City Composite remains unchanged and the 20-City Composite posted a 0.1% increase in October. After seasonal adjustment, the National Index recorded a 0.9% month-over-month increase, while both the 10-City and 20-City Composites each reported a 0.6% month-over-month increase. 13 of 20 cities reported increases in September before seasonal adjustment; after seasonal adjustment, all 20 cities saw prices rise.

“Home prices and the economy are both enjoying robust numbers,” says David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. “However, mortgage interest rates rose in November and are expected to rise further as home prices continue to out-pace gains in wages and personal income. Affordability measures based on median incomes, home prices and mortgage rates show declines of 20-30% since home prices bottomed in 2012. With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends. Nevertheless, home prices cannot rise faster than incomes and inflation indefinitely.”

“After the S&P CoreLogic Case-Shiller National Index bottomed in February 2012, its year-over-year growth accelerated to a peak rate of 10.9% in October 2013 and then gradually fell to its current rate of approximately 5%. During the same period, the highest year-over-year rate from any city was 29% in August and September 2013; currently the highest single city gain declined to approximately 11%. Both national and city growth in home prices slowed but remains above the growth rate of incomes and inflation.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

(RECAP: Donald Trump’s unexpected victory in the November U.S. presidential election could prove a pivotal moment for the U.S. housing market, according to economist and Nobel laureate Robert Shiller. “I think we’re at a turning point. The numbers that we’re reporting today are October, before the Trump election, and everything looks different now,” he told Bloomberg Television’s. S&P CoreLogic Case-Shiller data released earlier on Tuesday showed that home prices in 20 U.S. cities maintained a steady pace of increases in October, rising by 5.1 percent, while a gauge of nationwide property values rose by the most since mid-2014. Bond yields and the dollar have risen since Trump secured the White House on Nov. 8 as investors bet he’ll follow through on campaign promises to cut taxes, ease regulations and spend billions of dollars on upgrading U.S. infrastructure.)

PORT ST. LUCIE, FL – Bluerock Residential Growth REIT announced that it has acquired the 320-unit, multifamily Apex Prima Vista Apartments in Port St. Lucie, FL. The Company acquired the property through a joint venture for a total purchase price of approximately $38.3 million, or approximately $120,000 per unit.

BRG invested 85% of the venture’s equity requirement, or approximately $11.3 million, with an affiliate of the Carroll Organization investing the balance for a 15% stake in the venture. The transaction was further capitalized with a senior loan in the amount of approximately $27 million.

The acquisition is projected to yield a stabilized pro forma cap rate of approximately 7.3% on execution of the Company’s Value-Add upgrade strategy. This compares favorably to estimated market cap rates of 5.0% – 5.5% for comparable assets.

Apex, which was built in 2003, features one-, two- and three-bedroom units averaging nearly 1,050 square feet. The property also features community amenities including a clubhouse, two large central lakes, two pools, recreation courts, a fitness center and a playground.

The property is located a half mile from Federal Highway/US-1, which provides access to major employment hubs. It is located within 20 minutes of The Torrey Pines Institute for Molecular Studies, The Tradition Center for Innovation and Treasure Coast Research Park, which have emerged as strong centers of science and technology employment within South Florida.

The Port St. Lucie market, which has had very limited new multifamily development in recent decades, is now reporting robust population growth. The city, which has nearly doubled in size since 2000, is now the eighth largest in Florida, surpassing Ft. Lauderdale, and is ranked among the fastest growing U.S. metropolitan areas for employment growth in the coming five years. Approximately 17,000 new jobs are forecasted in the MSA over the next five years.

“Apex presents a clear value-add opportunity in a growing market with constrained supply. The property is generating solid in-place cash flows today, and the rapid expansion of the Port St. Lucie MSA signals room for ample rent growth. Our ability to source Apex at a favorable cost basis makes it possible us to improve the property and meet the needs of the market’s expanding new employment base,” said Ramin Kamfar, Chairman and CEO of BRG.

MARGATE, FL – Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on a new $25 million, 100-unit senior housing community in Broward County, Florida. The affordable community, located at 3100 North State Road 7 in Margate, Florida, is slated for delivery in the first quarter of 2018.

HTG acquired the 2.5-acre vacant tract to develop Arbor View for $2.75 million. Funding sources for the development include a $17.7 million construction loan from TD Bank; a $3.5 million loan from non-profit Neighborhood Lending Partners, which will convert to a permanent loan; and over $19 million of 9% Low Income Housing Tax Credit equity purchased by Raymond James Tax Credit Funds.

HTG credited the City of Margate’s Mayor Tommy Ruzzano, Director of Economic Development Benjamin Ziska, and Building Director Mary Langley for recognizing the dire need for affordable senior housing in their community and championing this development.

“Arbor View is another prime example of what we can do as a community when the public and private sector work together towards a common goal. We are incredibly humbled and proud to work with such great partners to provide top-quality luxury affordable housing for the senior residents of Broward County,” said HTG’s President & CEO Matthew Rieger.

Arbor View will consist of 64 one-bedroom apartments and 36 two-bedroom apartments, ranging from 715 to 915 square feet. Arbor View’s resort-style amenities, typical of market rate luxury communities, include a swimming pool, dog park, shuffleboard courts, computer lab, community room, fitness trail, and state-of-the-art fitness center.

Arbor View was designed by local South Florida architectural firm Corwil Architects and is being constructed by Current Builders, an experienced builder in the South Florida market. Additionally, RPJ, Inc., M.A. Suarez & Associates, and HSQ rounded out the design team.

HTG recently completed construction of Courtside Family Apartments in Miami, FL, in partnership with Alonzo Mourning, and Valencia Grove in Eustis, FL. HTG has five other affordable housing communities currently under construction in Florida including Wagner Creek in Miami, Freedom Gardens in Brooksville, Park at Wellington Phase I and Phase II in Holiday, and Covenant Villas in Belle Glade.           

CAMBRIDGE, MN – Adolfson and Peterson Construction officially broke ground on the $49.5 million redevelopment and expansion of GracePointe Crossing senior living community. Local government and business leaders, the project development team, PHS staff and GracePointe Crossing staff and residents gathered for the groundbreaking ceremony held on the main campus, located on RiverHills Parkway, where construction began earlier this fall.

“The vision of PHS has been paramount in addressing and providing services in what we refer to as the senior tsunami,’” said Mayor Marlys Palmer, who addressed the guests attending the ceremony. Palmer spoke about the value GracePointe Crossing has brought to the community, by providing housing and services for older adults as well as through programs, educational activities and caregiver support. “Our citizens look forward to the completion of this building project, not only for this common good, but also for the employment opportunities and the assurance that our city will continue to grow and prosper.”

The redevelopment and expansion project will reconnect the living options at GracePointe Crossing by moving the Gables East and West care centers. The new care center will serve up to 141 long-term residents, including care center memory care residents. The building will connect to GracePointe Crossing Commons assisted living to consolidate amenities and services and enrich community life. The new Gables will be designed in a home-like setting to accommodate Liberty Personally Designed Living™, the care model of PHS. An additional 50 senior apartments and 18 assisted living memory care apartments will be included in the new construction, as well as a therapy center for resident and outpatient services. A new Town Center will feature a chapel/auditorium, bistro, wellness center, salon and theater. Ten Village Homes (townhomes) were eliminated to accommodate the new construction.

The project to expand and reposition GracePointe Crossing will meet the changing housing and services demands of older adults in the region. “This is an investment in the long term future of this community,” Dan Lindh, President of PHS, said as part of his comments to the audience. Lindh shared his close connection to Cambridge and GracePointe Crossing. His mother lives in a townhome in the senior living community and he visits regularly, calling Cambridge the “hub of the family.”

Lindh detailed the increasing need and demand for senior housing and services, describing the growing population of older adults as slow now but rapidly increasing in the next decade. Trends show that the need and demand for senior apartments is increasing while skilled nursing care is decreasing. The distribution of living options in GracePointe Crossing’s plan reflects these trends by “right-sizing” for the present and future needs of older adults, and enables GracePointe Crossing to better serve the emerging older adult population.

GracePoint Crossing marks AP’s 13th project with PHS. In their 20-year relationship, AP and PHS have built 12 projects together. In 2015, AP completed Folkestone at the Promenade in Wayzata, MN, the largest and most complex to date, encompassing over 1 million square feet. AP was awarded the project in 2009, but it was soon delayed due to the financial crisis. Undaunted, the AP team recognized the value of the client relationship and turned the three-year delay into a long preconstruction period and successfully solved the project’s many site and infrastructure challenges. The varied projects for PHS have firmly established AP’s relationship in the senior living sector, leading to projects with other senior living providers.

NEW YORK, NY – At a seasonally adjusted annual rate of $638.3 billion, new construction starts in November retreated 6% from October, according to Dodge Data & Analytics.  Each of the three major construction sectors experienced reduced activity in November.  Nonresidential building continued to recede from its elevated September pace, even with the November start of several large projects, most notably the $3.0 billion new football stadium for the Los Angeles Rams in Inglewood CA.  Residential building in November settled back after strengthening in October, maintaining the up-and-down pattern that’s been present since August.  Nonbuilding construction in November declined after its public works segment had been lifted in October by the start of several large projects, including the $1.7 billion Mid-Coast Corridor Transit Project in San Diego CA and the $850 million State Highway 288 Tollway project in the Houston TX area.  For the first eleven months of 2016, total construction starts on an unadjusted basis were $627.2 billion, essentially matching the amount reported for the same period a year ago.  During the second half of 2016, the year-to-date performance for total construction starts has shown consistent improvement, even with the recent deceleration, given the comparison to the weaker activity reported during last year’s second half.  Excluding the volatile manufacturing plant and electric utility/gas plant categories, total construction starts during this year’s January-November period would be up 4%.

The November statistics lowered the Dodge Index to 135 (2000=100), down from a revised 143 for October.  While the Dodge Index has retreated from its most recent high of 154 in August, the November reading was still 7% above this year’s low of 126 in July.

“The path of expansion for construction activity has been hesitant in recent years, with gains followed by setbacks, and this has certainly been true during 2016,” stated Robert A. Murray, chief economist for Dodge Data & Analytics.  “After a lackluster second quarter, total construction starts showed improvement during the third quarter, and have receded so far during the fourth quarter.  On the plus side, the year-to-date amount for nonresidential building in dollar terms is now showing growth, joining the gains that have been reported for residential building over the course of 2016.  The public works sector remains slightly lower than a year ago, although the extent of its shortfall has become smaller.”

“Going forward, the construction industry should still benefit from several positive factors,” Murray continued.  “For commercial building, vacancy rates have yet to show much in the way of upward movement.   For institutional building, funding support for school construction is coming from the passage of such recent state bond measures as the $9 billion Proposition 51 in California.  For residential building, while mortgage rates have risen they remain at historically low levels for the present, and demand for housing from millennials seems to be picking up.  For public works, support is coming from recent bond measures passed at the state level, although the continuing resolution just passed by Congress for fiscal 2017 federal appropriations did not provide an increase for highway funding.  What remains to be seen is the extent to which Congress will respond to the proposals by the incoming Trump Administration for greater infrastructure spending and less regulation of the banking sector.”

Nonresidential building in November dropped 5% to $224.6 billion (annual rate).  The commercial building categories as a group fell 20%, with declines reported for four of the five project types – stores and shopping centers, down 10%; commercial garages, down 16%; office buildings, down 33%; and hotels, down 46%.  Despite the decline, the office category did include several major projects as November starts – the $264 million office portion of the $280 million mixed-use Tower Three of the Amazon Block 20 development in Seattle WA, the $250 million McDonald’s headquarters in Chicago IL, and the $139 million office portion of the $200 million Citizens Financial corporate campus in Johnston RI.  Warehouse construction was the one commercial project type that was able to report a November gain, rising 37%, led by groundbreaking for three large warehouse projects located in Staten Island NY ($304 million), Cranbury NJ ($200 million), and Olathe KS ($100 million).  The manufacturing plant category in November plunged 54% after being lifted in October by the start of a $1.4 billion ethylene plant in Louisiana.  Still, there were several large manufacturing plant projects that reached groundbreaking in November, including a $450 million expansion to an ExxonMobil refinery in Beaumont TX.

The institutional side of the nonresidential building market advanced 22% in November.  Leading the way was a 206% jump for the amusement-related category, which featured the start of the $3.0 billion football stadium for the Los Angeles Rams in Inglewood CA.  Also strengthening in November was the public buildings category, which climbed 29% with the boost coming from the $267 million city hall portion of the $513 million New Long Beach Civic Center in Long Beach CA. The other institutional categories lost momentum in November.  Healthcare facilities receded 2%, although November did include the start of five hospital projects valued each at $100 million or more, including a $300 million hospital in Silver Spring MD. 

The educational facilities category was down 6%, with the largest November project being a $107 million cyber security studies building at the U.S. Naval Academy in Annapolis MD.  November declines were also registered by transportation terminals, down 34%; and religious buildings, down 45%.

Through the first eleven months of 2016, nonresidential building was up 2% compared to the same period a year ago.  The commercial building group climbed 10% year-to-date, reflecting increases for office buildings, up 18%; hotels, up 16%; and warehouses and commercial garages, each up 11%.  Store construction was the one commercial project type that registered a year-to-date decline, sliding 8%.  The institutional building group in the first eleven months of 2016 increased 4% from a year ago, with healthcare and educational facilities (the two largest institutional project types), up 8% and 1% respectively.  The smaller institutional categories were mixed, with gains for amusement-related work, up 32%; and transportation terminals, up 17%; while declines were reported for public buildings, down 5%; and religious buildings, down 29%.

Residential building, at $275.4 billion (annual rate), fell 5% in November.  Multifamily housing pulled back 12% from its improved October level, continuing the fluctuating pattern of recent months.  There were ten multifamily projects valued at $100 million or more that reached groundbreaking in November, down slightly from the eleven such projects reported in October.  The largest multifamily projects that reached groundbreaking in November included three located in Boston MA – the $625 million Seaport Square residential towers, the $209 million Bulfinch Crossing residential tower, and the $198 million multifamily portion of the $225 million Clippership Wharf mixed-use project.  Other large multifamily projects reported as November starts were a $228 million apartment building in Alexandria VA and the $169 million multifamily portion of a $200 million mixed-use building in Denver CO.  Single family housing in November slipped 2% from its heightened October amount, although November was still generally healthy by recent standards, coming in 2% above the average for the previous ten months.

During the January-November period of 2016, residential building was up 6% compared to last year. The gain was due primarily to a 7% increase for single family housing, reflecting this year-to-date pattern by major region – the Midwest, up 10%; the South Atlantic, up 9%; the West, up 7%; the Northeast, up 5%; and the South Central, up 3%.  Multifamily housing registered a smaller year-to-date increase, edging up just 2%.  The nation’s leading multifamily market by dollar volume, New York NY, dropped 26% year-to-date from its robust amount in 2015.  If the New York NY metropolitan area is excluded, multifamily housing for the nation would be up 11% during this year’s first eleven months.  Rounding out the top five multifamily markets in the January-November period, with their percent change from a year ago, were the following – Los Angeles CA, up 40%; Miami FL, up 17%; Chicago IL, up 82%; and Washington DC, up 22%.  Metropolitan areas ranked 6 through 10 were the following – Boston MA, up 37%; Dallas-Ft. Worth TX, up 30%; San Francisco CA, up 60%; Atlanta GA, up 42%; and Denver CO, up 30%.

Nonbuilding construction descended 9% in November to $138.3 billion (annual rate), due to a 21% decline for the public works categories as a group after a 21% hike in October.  The miscellaneous public works category, which includes mass transit projects and site work, fell 57% after being lifted in October by the start of the $1.7 billion Mid-Coast Corridor Transit Project in San Diego CA.  By contrast, the largest miscellaneous public works project entered as a November start was the $155 million Yerba Buena Island Redevelopment site work in San Francisco CA.  Highway and bridge construction in November fell 16% after a strong October which included the $850 million State Highway 288 Tollway project in the Houston TX area.  November’s highway and bridge construction, although weaker than October, did include the start of the $803 million U.S. 181 Harbor Bridge Replacement Project in Corpus Christi TX.  The environmental public works categories in November were mixed, with water supply systems down 6%; sewer systems up 19%, and river/harbor development up 88% with the help of $747 million of site work for a marine container terminal in North Charleston SC.  Running counter to the overall decline for public works construction in November was a 58% increase for the electric utility and gas plant category, boosted by the start of the $2.1 billion Elba Island Liquefaction Project in Savannah GA, which will enhance natural gas liquefaction and exporting capabilities at that location.

During the first eleven months of 2016, nonbuilding construction was down 9% from the same period a year ago.  The public works categories as a group retreated 3%, due primarily to a 13% drop for highway and bridge construction from the elevated amount reported in 2015.  The other public works categories showed a varied year-to-date pattern – sewer systems, down 14%; river/harbor development, down 3%; water supply systems, up 1%; and miscellaneous public works, up 28% as the result of a greater dollar amount for pipeline and mass transit projects.  The electric utility and gas plant category year-to-date dropped 23%, reflecting a sharp 67% decrease in the dollar amount of gas plant projects while the power-related portion of the category grew 17%.

The “no change” for total construction starts at the national level during the first eleven months of 2016 was the result of a mixed performance for total construction starts at the five-region level.  Year-to-date total construction gains were reported in the West, up 10%; the South Atlantic, up 9%; and the Midwest, up 6%.  Year-to-date total construction declines were reported in the Northeast, down 1%; and the South Central, down 17% which reflected that region’s comparison to last year which included the start of several massive liquefied natural gas export terminals.