Thumbs Up in 2017 Construction Market Update

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Presentation transcript:

Thumbs Up in 2017 Construction Market Update Keystone Contractors Association May 17, 2017

National/Global Economic Issues Stock market/investment surge driven by anticipated lower tax rates. Repatriation would accelerate Regulations on finance, environment, energy easing Employment nearing record levels – wages rising @ 2.5% Lower personal taxes, modest inflation, higher wages pushing consumer confidence/spending Infrastructure spending likely in 2018 ($200-$400 billion) Budget battle will be between GOP not partisan Trade measures pose biggest economic risk – global economy showing signs of recovery Without stimulus in early 2017, GDP to 2-2.5% range 2018 GDP 2.5% but tight labor could drag

146 Million Working

Job Growth Slowing

Regional Economic Issues Gains of new economic drivers offset losses in old Employment growth flat 2013-2016 Unemployment fell to 5.2% in 2016 Recovery in energy and manufacturing expected to boost job growth 2017-2020 Natural gas recovering – roughly $2 billion in 2016-17 Tech sector continuing growth (UBER now at 800) Hospital spending to double 2017-2019 Major projects advancing Public construction remains slow

Regional Employment Trend

Gas Industry Recovery Midstream capacity investment returns (6-8 compressor stations, Revolution & Rover) At least 200MCF/day processing added Pipeline approval expected in 2017 to relieve price discounting Research on Shell/PTT impact becoming clearer Transition to plastics by 2020

Major Jobs Moving in 2017 UPMC South Hills ($200M+ on 2 facilities) PSU Chemical & Biological Engineering ($140 million) Stat Capitol Complex ($81 million) PSU East/North Hall ($160-180 million) UPMC Hamot patient tower ($111 million) AHN St. Vincent Hospital ($110 million) UPMC Ophthalmology ($150-200 million) Milton Hershey Medical Center Pavilion ($300 million) Clarion Tippin Gym ($35 million) Proctor & Gamble WV Plant ($1 billion) CPV Fairview 980 MW Power Plant ($600 million) State College Elementary Schools ($55 million) Wilkes Barre High School ($80-110 million)