I noticed a construction news headline recently that mentioned that money is available for new projects, but that few of these projects are breaking ground (i.e., COVID-19). Out of interest, I checked to see what larger projects are happening throughout the U.S. Here are a few that I found:
- Tesla paid $97 million for 2,000 acres of land near Austin, Texas, and is building a $1.1 billion factory that will produce its new Cybertruck.
- Huntsville, Alabama has five major projects going on, including:
- Huntsville Hospital tower ($150 million)
- Greene Street parking garage ($14 million)
- Hampton Inn & Suites
- The Eclipse, an upscale apartment complex
- 106 Jefferson Curio by Hilton ($30 million)
Some of the Huntsville projects have been pushed back. The Hampton Inn, for example, was first scheduled to open by the beginning of 2021, but the timetable has been pushed back to the end of the year.
- Climate Pledge Arena in downtown Seattle is underway. It is a stadium for Seattle’s new NHL hockey team, the Seattle Kraken (coming in another year or so).
- Also, in the sports realm, San Diego State University is building the Mission Valley stadium.
So, why are some projects rolling along, and others are not?
Upon further research, there were a variety of factors noted, one of the most common being that owners, inventors, and developers are hesitant to jump in during these uncertain times. Projects in the pipeline before the pandemic moved forward (for the most part), but there has been hesitation to begin new projects since that time. This scenario results in a decrease in the backlog for contractors and a more competitive bidding environment for the projects that are moving forward.
If you have any updates on the status of projects you are involved with or stories to share, I would love to hear them. I can be reached at email@example.com.