As other sectors experience a slowdown in growth, retail construction is still going strong as retailers continue to update the customer experience in hopes to bring customers in-store. Read on to see more construction trends on Construction Dive:
Todd Burns, president of project and development services for JLL Americas, told BD+C that caution is the word of the day when it comes to nonresidential, but developers and tenants/owners still continue to build or renovate.
Key takeaways from the report include:
- Retailers and e-commerce firms are also driving industrial construction, which grew 12.9% year over year, as their need for new and modern facilities increases.
- Office construction was up 20.2% year over year, but starts decreased 33%.
- A "low-cost, well-educated" workforce is drawing employers to Nashville, which has seen construction increases in all areas of nonresidential.
- San Francisco is on the verge of passing New York City as the most expensive construction market.
- Dallas blew every other market away with 80% retail development growth from the first quarter of 2015.
In the latest Commerce Department report, construction spending dipped 1.8% in April, and the nonresidential sector was no exception, slipping 1.5%.
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