Albany Business Review’s Post

Super article Vicky and Modular is the answer.

YAKR WEEKLY BRIEFING - CONSTRUCTION Australian construction’s biggest headlines of the week that was, dot-pointed and delivered every week to keep you in the loop. Market Movements - Australia is struggling to meet its ambitious housing target, falling more than 15,000 homes behind just three months after the National Housing Accord began. The plan aims to construct 1.2 million new homes, or 60,000 homes per quarter, by 2029. However, in the initial three months, only 43,247 homes commenced construction. Industry Trends - Australia’s engineering construction sector experienced a significant uptick, with a 3.3 per cent increase in the volume of work completed. This growth was fuelled by a robust expansion in public sector projects. Corporate Developments  - Woodside Energy has committed $50 million to support the redevelopment of two key Western Australian institutions: Roebourne District High School and Perth Concert Hall. This investment is part of the company's commitment to the Western Australian government's Resources Community Investment Initiative (RCII).  - NGI Investments received approval to construct a 13-storey timber tower at in Sydney's CBD. This building is set to be Australia's tallest commercial fully massed timber tower. The project emphasizes sustainability by predominantly using mass timber, especially in the upper floors, significantly reducing its carbon footprint compared to traditional concrete structures. Environmental and Regulatory Updates - Homes with big garages could soon become compulsory in South Australia under a new building code that aims to free up street parking and provide more off-street options. Premier Peter Malinauskas today announced the proposed new code, which stipulates that any new home with two or more bedrooms must have at least two off-street parking spaces large enough to accommodate modern SUVs.

Cleveland’s Industrial Construction in 2024: A Mixed Bag of Trends The Cleveland industrial construction market is wrapping up 2024 with 38 completed projects totaling 1.6 million square feet (msf). This marks the lowest annual total since 2015, significantly trailing prior years. Speculative new construction has slowed considerably in 2024, but this reflects a shift in overall market rather than a lack of demand. High interest rates, economic adjustments, and elevated material costs. For developers with completed or near-completion buildings, this presents a significant opportunity. The demand for move-in-ready facilities remains strong, and those who can provide functional spaces in this climate are well-positioned to thrive. However, there’s a silver lining: 22 projects are currently under construction, adding a 4.6 msf to the market. But these numbers come with important context. A significant portion - 2.5 msf - is attributed to Ford’s Avon Lake expansion, where a new electric commercial van will be manufactured. Another 747,000 square feet comes from HC Companies’ new facility in Middlefield. HC Companies will be vacating several other existing facilities throughout Northeast Ohio. Looking ahead, there’s market chatter about a major build-to-suit facility in Lorain County, potentially adding 1.1 msf. If realized, this project could mark a substantial boost to the West industrial submarket. Cushman & Wakefield | CRESCO Real Estate Barna Caplan Joseph V. Barna, SIOR Eliot Kijewski Simon Caplan, SIOR Ryan Curtin George Pofok Jr

Al Habtoor Group showcases unprecedented construction records in 12 months at Al Habtoor Tower: Al Habtoor Group has just released some exciting highlights pertaining to its performance in the construction sector, specifically detailing a record 12-month period at its flagship Al Habtoor Tower. This will establish a commitment on the part of the company to be a paragon of excellence and innovation in the building industry. The milestones Al Habtoor Group has hit over the past year are unprecedented, showing a serious commitment to furthering construction technology and efficiency. It is on this ability to deliver quality projects within aggressive timelines that the Al Habtoor Tower stands to account for the company's prowess. Strategic planning, cutting-edge technology, and a highly skilled workforce blend together in this company. Partaking of these resources has enabled Al Habtoor Group to set new standards in construction and increase its leadership with a vision in this field. One of the projects described as highly successful is the Al Habtoor Tower, which has managed to illustrate the Group's potential in carrying out any large and complex project. This success story is not only adding a feather to the company's cap but also putting its mark on the development scene in general. Having celebrated these successes, the Al Habtoor Group remains focused on the pursuit of innovation and sustainability to drive further development in construction. It is the company's dedication to setting boundaries and coming up with new standards that has kept it at the top in the industry and leading the way forward into succeeding years. Source: https://shorturl.at/d7dcm #AlHabtoorGroup #ConstructionExcellence #AlHabtoorTower #RecordBreakingConstruction #InnovationInConstruction #ConstructionMilestones #IndustryLeaders #BuildingTheFuture #HighQualityProjects #ConstructionSuccess #StrategicPlanning #ModernConstruction #SustainableBuilding #ConstructionAchievements #EngineeringExcellence

Although not a new concept, modular construction is gaining traction. In 2023, the modular industry captured an estimated 6.64% of new construction starts, with a total project value of about $14.6 billion, according to the Modular Building Institute.

This is a great article about the challenges and opportunities of using modular construction, a form of industrialized construction. I agree with John Buongiorno. His full quote is “Once they have done a successful modular project, clients are not going to go back to building conventionally. I don’t think there is any path forward in construction without modular being a huge growth industry.” https://lnkd.in/gAcHt3jj

Modular construction has long been touted as a game-changer for the industry, but many companies in North America have struggled to realize its potential. These companies often relied heavily on investment funding and had no choice but to take on projects that weren't ideal or even suitable for modular fabrication, leading to inefficiencies, and ultimately - failure. With their manufacturing facilities being located in North America - they were burdened by higher costs and labor challenges that made it difficult for these companies to achieve a true competitive edge. At Stack Modular, we’re breaking this trend. By specializing in sectors like hospitality, low-income housing, institutional housing, long-term care facilities, and dormitories. We make sure our projects are tailor made for modular fabrication and manufacturing. With the added advantage of our manufacturing base in China, where production costs and skilled labor are more favorable, Stack Modular is able to deliver high-quality, cost-effective solutions that truly showcase the strengths of modular construction. Be part of the solution with Stack Modular and visit https://lnkd.in/genVU_w6 to receive your free modularity report and discover how you can unlock the potential of modular fabrication for your next project. In Partnership with Bird Construction

In their annual review, experts from consultancy firm Arcadis delve into the complexities of construction costs across the globe, examining 100 cities to discern financial trends and outliers. This year's International Construction Costs 2024 report places London at the pinnacle, naming it the most expensive city for construction activities. This ranking is attributed to the escalating regulations and red tape in recent years. Remarkably, all seven British cities featured in the report are ranked within the top 20, underscoring the UK's position as a high-cost construction zone. Read More: https://lnkd.in/d8qbW4Wy

Phoenix Construction: A Market in Flux...As we move into the second quarter of 2024, let's examine the trends shaping Phoenix's construction industry. Recent years saw a construction boom to accommodate the area's population and business growth. Now, with economic uncertainty, developers are adopting a wait-and-see approach while cautiously planning for the future. Read more here >>

YAKR WEEKLY BRIEFING - CONSTRUCTION Australian construction’s biggest headlines of the week that was, dot-pointed and delivered every week to keep you in the loop. Market Movements - Despite inflation easing to 2.8% in the September quarter, housing-related price pressures remain a concern. Master Builders Australia highlighted that these pressures continue due to limited housing supply and escalating project costs - The build-to-rent (BtR) sector expands as super funds and major asset managers increase investment. However, high construction costs mean rents need to rise to offset financial feasibility challenges Industry Trends - The Australian Constructors Association (ACA) released a report outlining the key takeaways and future directions emerging from the landmark Foundations and Frontiers (FF24) forum, setting the groundwork for the nation's first National Construction Strategy (NCS). This strategy will target productivity through improved procurement, workforce planning, data management, and the promotion of innovative building methods. - Powerhouse Castle Hill won the Sir Zelman Cowen Award for Public Architecture, underlining advancements in public project standards. The jury praised Powerhouse Castle Hill as “an exemplar of architecture as an interface between the public and research, preservation and curation.” Corporate Developments - Coates Engineering provides a guide to the market trends, challenges and opportunities shaping the construction sector in 2024, aligning with industry goals for reduced environmental impact. “There is a cautious optimism surrounding 2024,” explained James Lawrence, Group Manager for Customer & Markets at Coates. “While residential construction is declining, nationally the market remains in an upward cycle driven by concurrent booms in road, railway and renewables construction.” - Alissa Birch of Capital Luxury Residences was celebrated as Australia's Female CEO of the Year 2024, recognizing her exceptional leadership in residential development. Environmental and Regulatory Updates - The Australian Institute of Architects opposed a proposed 10-year freeze on the National Construction Code, arguing it could stifle progressive building standards and sustainability initiatives. This freeze is part of a $5 billion housing plan led by the Federal Coalition. - Labour shortages continue to impede the sector, affecting productivity and project timelines, The Urban Developer reports. This shortage, coupled with escalating costs, exacerbates fixed-price contract pressures, risking further insolvencies.