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June 5, 2018

Construction Trends Amid Rising Economic Headwinds

By Partner ESI

Over the decade plus since the start of the Great Recession, which stalled construction to a near crawl nationwide, there has been a slow but steady rebound for the industry. That rebound has recently turned into an all-out boom in major gateway cities (other areas continue to lag behind). Construction spending in 2017 rose 2.4% to a record $1.257 Trillion, with construction firms projecting more increases in new private construction spending and payroll increases for 2018. Nevertheless, there are some headwinds on the horizon that are putting pressure on commercial construction pricing and increasing project risks.

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Partner ESI

Partner ESI

Founded in 2007, Partner Engineering and Science Inc., is the leading provider of engineering, environmental, energy, and construction consulting for the commercial real estate (CRE) industry. Touching 1 in 5 CRE transactions in the U.S., Partner is widely recognized as the largest and best provider of third-party physical due diligence reports, including Phase I Environmental Site Assessments, Property Condition Assessments, Seismic Risk Assessments, Zoning Reports, ALTA Land Title Surveys, and Construction Risk Management. Partner’s connectedness to the CRE market gives it an unparalleled view into CRE trends and risk management insights. Partner also provides a full suite of consulting services to support the entire real estate lifecycle, including: Geotechnical Consulting; Building Systems Consulting; Capital Management and Project Implementation Support; Environmental Health & Safety Consulting; Energy, Sustainability & Resilience Consulting; and Site Civil Engineering. With a responsive approach scaled for speed and agility, Partner helps clients manage risk, make smart investments, optimize asset performance, and win at their real estate investment strategies. Based in Torrance, Calif., Partner has over 1,400 employees in 40 offices around the globe.

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