CIRB: California Construction Volume Drops 25.8%.Business Editors BURBANK, Calif.--(BUSINESS WIRE)--Oct. 31, 2001 California's total construction volume for September totaled $4.2 billion, down 25.8 percent from August 2001. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. statistical data compiled monthly by the Construction Industry Research Board (CIRB CIRB Centre D'informatique Pour La Région Bruxelloise (French) CIRB Canada Industrial Relations Board CIRB Construction Industry Research Board CIRB Compensation Insurance Rating Board CIRB Crop Insurance Research Bureau ) all sectors in the state's private and public construction, with the exception of public buildings (government owned buildings) were down significantly from both the prior month as well as from September 2000. Ben Bartolotto, Director of CIRB, says the August to September decrease is directly attributed to the terrorist attack of September 11th, the uncertainty on how the initial impact of this event will affect the economy, and the already seen slowdown in private construction prior to the September 11th event. "It is hard to separate the world trade center tragedy from the decline in construction prior to September 11th," said Bartolotto, "but the net affect will be negative for the next year or so, even though the magnitude is unclear." Private building construction, combining residential and nonresidential (commercial) volume in September totals $3.04 billion, down 31.0 percent while public works public works pl.n. Construction projects, such as highways or dams, financed by public funds and constructed by a government for the benefit or use of the general public. Noun 1. construction activity (highway-heavy construction along with government owned buildings) was down 8.7 percent, totaling $1.22 billion. Only public buildings showed a fractional fractional size expressed as a relative part of a unit. fractional catabolic rate the percentage of an available pool of body component, e.g. protein, iron, which is replaced, transferred or lost per unit of time. increase (0.7 percent) from August. Permits issued in September for private nonresidential building have a total construction value of $1.18 billion, down 30.1 percent from August and down 34.0 percent from September 2000. Bartolotto points out that in the first nine months of 2001, private nonresidential building totals $13.19 billion, down $754.7 million, or 5.4 percent from last year's year to date totals. The only region posting a gain is the Sacramento Valley The Sacramento Valley is the portion of the California Central Valley that lies to the north of the San Joaquin-Sacramento Delta in the U.S. state of California. It encompasses all or parts of ten counties. Region, up 11.3 percent. Declines in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, are 5.1 percent and the Bay Region is down 9.1 percent. The impact of the terrorist attack also affected California construction employment, which averaged 758,900 in September, down 6,700 from August. CIRB notes that September's construction employment average is the lowest level in eleven months. Over the past nine months of 2001, public works construction has been the stalwart Stalwart A description of companies that have large capitalizations and provide investors with slow but steady and dependable growth prospects. Notes: The annual gain that would be viewed as the norm for investing in stalwarts is about 10% to 12%. in keeping the statewide construction engine running. Public works construction totals $13.23 billion in the first nine months of 2001, up $1,820 billion, or 17.0 percent from the same period last year. Director Bartolotto says, "While the loss of public revenues (due to economic slowing and diversion A turning aside or altering of the natural course or route of a thing. The term is chiefly applied to the unauthorized change or alteration of a water course to the prejudice of a lower riparian, or to the unauthorized use of funds. to energy-related expenditures) may mean the immediate reduction in planned projects, there remains a lot of public works projects in the pipeline that are proceeding that will serve as a stimulus affect to our economy." |
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